2011 (11) TMI 440

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....ts?" 3. We have heard the learned Counsel appearing for the appellants and the learned Counsel appearing for the respondent. 4. The learned Counsel appearing for the revenue submitted that there was a search and assessment was made for the block period on the basis of the material found during the search and after passing of the original order by the assessing officer, the same was challenged in appeal and thereafter, before the Tribunal and ultimately before this Court. The matter now stands pending before the Commissioner of Income Tax (Appeals) in view of the order passed by the Income Tax Appellate Tribunal dated 24.6.2009. Wherefore, the assessing officer had rightly rejected the claim made by the assessee for depreciation of the....

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....to the appellate authority. 6. The learned Counsel for the respondent submitted that the Tribunal has given a categorical finding that the claim for depreciation is for the assessment year 1997-98 which is beyond the block period which is pending before the Commissioner of Income-tax. Wherefore, the assessee was entitled to depreciation as sought for. 7. We have given careful consideration to the contentions of the learned Counsel appearing for the parties and scrutinised the material on record including the earlier order passed by this Court in ITA. No. 106 and 633/2004 and the order passed in respect of block assessment dated 29.1.1999 subject matter of which now is pending before the first appellate authority. 8. The material on....