TaxTMI 
TaxTMI 
2007 (9) TMI 362
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....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 depreciation on the machine-Tetrapack and c....
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....ne 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 disallowance of depreciation on the Tetrapack machine. How-e....
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....e 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 or after the 1st day of April, 1998, owned, wholly or part....
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....ort 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 CIT v. Geo Tech Construction Corporation [2000] 244 ITR 452 ....