2010 (9) TMI 171

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....ed under Section 260A of the Income Tax Act,1961 (hereinafter referred to as "Act") challenging the order dated 01st September, 2009 passed by the Income Tax Appellate Tribunal (in short "Tribunal") in ITA No. 812/Del/2008 for the Assessment Year 2004-2005. 2. Ms. Rashmi Chopra, learned counsel for the Revenue submitted that the Tribunal had erred in law and on merits in deleting the addition m....

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.... plant and machinery as well as its usage. 5. With regard to depreciation, the factual finding of the CIT(A) is as under:- "I have gone through the order of the AO and written submission of the appellant and copy of relevant documents filed. On a close perusal, it is found that the appellant company has purchased the plant and machinery on a loan from the bank for which it has been paying mo....

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.... available on record. We find that the disallowance was made by the Assessing Officer on the basis that these two items were not delivered at the site office of the assessee company by the sellers. There is clear finding given by Ld. CIT(A) that there is clear proof of evidence for purchasing the said plant & machineries and the same being put to use. It is also noted by the Ld.  CIT(A) that ....

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.... a perusal, it is found that all the said companies have Permanent Account Number and are income-tax payees. Their audited balance sheet along with confirmation and bank statement have been verified which were also filed before the AO. The identity of the persons is not in doubt and once they confirmed that they have paid the required amount which is also supported by bank withdrawal no further de....