TaxTMI 
TaxTMI 
2011 (10) TMI 495
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....s erred in law and on facts in deleting the depreciation of Rs. 61,450 on motor car purchased in the name of the director of the company. On identical facts, for the assessment year 2005-06 in I. T. A. No. 2339/ Ahd/2008 respected co-ordinate Bench "B", Ahmedabad, vide an order dated March 25, 2011 (a consolidated order bearing I. T. A. Nos. 4523 to 4527/Ahd/2007 for, the assessment years 2000-01 to 2004-05) vide para graph Nos. 22.1 and 22.2, it was held as under:- "22.1 The first issue of this appeal relates to disallowance of depreciation on motor car purchased in the name of director of the company. Tata Indica Motor Car was purchased during the year at Rs.4,55,192 in the name of Shri Adarsh Jhaveri, director of the asse....
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....on'ble Rajasthan High Court in the case of CIT vs Mohd. Bux Shokat Ali (No. 2) [2002] 256 ITR 357 (Raj) held that where vehicle was purchased by the firm used by it for the purpose of its business but it was registered in the name of one of the partners then the firm would be entitled to depreciation on vehicle. The hon'ble Delhi High Court in the case of CIT v. Basti Sugar Mills Co. Ltd. [2002] 257 ITR 88 (Delhi) held that where vehicle was owned and used by the assessee but no registration was done in its name then the assessee would still be entitled to depreciation on such vehicle. Therefore, the assessee has right to claim depreciation thereon. This ground of the Revenue is accordingly rejected." Since on identical facts, a vie....
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....powder or slabs as such cannot be used. These end products are known by different names in commercial world and therefore, the process employed by the assessee Would amount to manufacture and, therefore, the assessee would be entitled to deduction under section 80-IB. We accordingly confirm the order of the learned Commissioner of Income-tax (Appeals) on this point." Respectfully following the above decision, we hereby hold that for the year under consideration, as well as, the assessee is eligible for the deduction under section 80-IB of the Income-tax Act, this ground of the Revenue is therefore dismissed. (B) The assessee's cross objection No. 259/Ahd/2009 (out of I. T. A. No. 2773/Ahd/2009):- Vide cross objection....
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....profit and loss account. The net effect would be nil and, therefore, there is no reason to exclude the excise duty in arriving at profit derived for the purpose of deduction under section 80-IB. This issue is accordingly decided in favour of the asses see." Following the above view, the Assessing Officer is directed to recompute the eligible deduction under section 80-IB. The next item of adjustment is interest on various parties and in this regard the learned authorised representative has contested that in respect of trade debtors the Assessing Officer should have allowed the claim as held by the hon'ble jurisdictional High Court in the case of Nirma Indus tries Ltd. v. Deputy CIT [2006] 283 ITR 402 (Guj). The learned autho....