2013 (7) TMI 735

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....t the, judgment of the Income Tax Appellate Tribunal ('the Tribunal' for short) dated 06.01.2012 raising following questions for our consideration:      "1. Whether the Tribunal is right in setting aside the decision of the CIT(A) in confirming the disallowance of depreciation on tangible assets and restoring the matter to the file of the Assessing Officer for reconsideratio....

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....ot examined in detail and complete details of the assets are recorded in the report of valuation prepared prior to the survey at the instance of IDBI, therefore, we are of the view that the matter as regards depreciation on tangible assets requires reconsideration at the level of the AO. We accordingly, confirm the order of the learned CIT(A) in granting depreciation on intangible assets. The depa....

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....set aside the view of the Assessing Officer as confirmed by the CIT (Appeals) in the following manner:      "We have considered the rival submissions and do not find justification even to sustain part addition. It is not in dispute that search was carried out by central excise department prior to start of the financial year in appeal. The financial year starts from 01/04/200....

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....rmations even as per findings of the AO. Nothing is brought on record if any adverse findings were given by central excise authorities against the assessee for assessment year under appeal. The learned CIT(A) in substance accepted the claim of the assessee but merely on presumption and assumption observed that it is likely that the assessee would continue to receive bills without actual delivery. ....