2014 (6) TMI 428

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... CIT-DR ORDER Per D. Karunakara Rao, AM: These are cross appeals filed by the assessee and the revenue against the order of the CIT(A) dated 18/01/2012. 2. At the outset ld. Counsel for the assessee mentioned that the grounds of the appeals in both the appeals are interconnected and ground no.1 is relevant in this regard. Reference to the ground no.1 of the assessee as well as the revenue....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....g assessment proceedings. In view of said fact, the disallowance relate to Colaba office is correctly mad eby AO. Thus, disallowance out of repairs & maintenance on building will be restricted to Rs.15,50,790/- and appellant will be entitled to depreciation as decided by AO. Accordingly, other disallowance is confirmed. In the result, this ground of appeal is partly allowed" Reading the above p....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....at each of them are capital in nature. Considering all these objections and the deficiencies described above, both the parties mentioned that this issue is required to be adjudicated by the Assessing Officer once again after granting an opportunity of being heard to the assessee. We find merit in the same. Accordingly, we remand ground no.1 of the assessee's as well as the revenue's appeal for com....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....res are deemed to be acquired on the date of acquisition of 'BSE Card' and not from the date of their conversion. In this regard, ld. Counsel for the assessee brought our attention to the para 10 of the said order of the Tribunal (supra) we perused the same and para 10 reads as under:- "So from the above stated express provisions, it is clear that the cost of acquisition of 'BSE card' shall be ....