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The ITAT upheld the assessee's entitlement to claim depreciation on leasehold improvements, affirming that the test of ownership is satisfied in such cases. However, regarding the addition of Rs. 4 crores to the sale consideration on the sale of shares, the Tribunal disagreed with the CIT(A)'s deletion of the addition. It held that the Rs. 4 crores was not a stipulated deduction under the contractual agreement, and the sale consideration was fixed at Rs. 16 crores without any provision for reduction by Rs. 4 crores. Consequently, the Tribunal set aside the CIT(A)'s order and confirmed the addition made by the AO. Grounds of appeal raised by the revenue on this issue were allowed, resulting in partial acceptance of the revenue's appeal and partial relief to the assessee.
The ITAT upheld the assessee's entitlement to claim depreciation on leasehold improvements, affirming that the test of ownership is satisfied in such cases. However, regarding the addition of Rs. 4 crores to the sale consideration on the sale of shares, the Tribunal disagreed with the CIT(A)'s deletion of the addition. It held that the Rs. 4 crores was not a stipulated deduction under the contractual agreement, and the sale consideration was fixed at Rs. 16 crores without any provision for reduction by Rs. 4 crores. Consequently, the Tribunal set aside the CIT(A)'s order and confirmed the addition made by the AO. Grounds of appeal raised by the revenue on this issue were allowed, resulting in partial acceptance of the revenue's appeal and partial relief to the assessee.
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