2007 (9) TMI 362

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.... Kulshrestha J.-Since common questions have been formulated in the above two appeals, which are similar except for the assessment year, both these appeals are being decided by this common order. 2. The questions of law formulated in Income-tax Appeal No. 65 of 2003 are as follows: "(1) Whether the Income-tax Appellate Tribunal was justified in holding that the assessee was entitled to claim ....

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....ction 133A, it was noticed that Tetrapack machine was lying idle covered with a paper and kept in a locked room. The Assessing Officer, therefore, withdrew the depreciation claimed on Tetrapack machine amounting to Rs.28,87,651. 4. Aggrieved by the order of the Assessing Officer, the assessee preferred an appeal to Commissioner of Income-tax (Appeals). The appellate authority upheld disallowanc....

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....tled to depreciation. Sec-tion 32(1)(i), (ii) of the Income-tax Act, 1961, reads as extracted below : "Depreciation.-(1) In respect of depreciation of- (i) buildings, machinery, plant or furniture, being tangible assets ; (ii) know-how, patents, copyrights, trade marks, licences, franchises or any other business or commercial rights of similar nature, being intangible assets acquired on o....

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....ciation in accordance with the provisions of the Act. In support of this submission, learned senior counsel has brought to our notice a decision of the Tribunal in Speed Automobiles P. Ltd. v. Asst. CIT [2004] 32 ITC 531 as upheld by a Division Bench of this court in CIT v. Speed Automobiles Pvt.  Ltd. [2004] 32 ITC 537. Reference has also been made to the decision of the Kerala High Court in....