2014 (7) TMI 330

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.... of by a consolidated order for the sake of convenience. 2. First, we take up the appeal filed by the Revenue, i.e. ITA No.400/Ahd/2011 for AY 2006-07. The Revenue has raised the following grounds of appeal:- 1. The Ld.CIT(A) erred in law and on facts in directing to consider the claim of depreciation in revised return amounting to Rs. 13,48,51,978/- and allow the same is per law, instead of Rs. 10,66,84,908/- claimed in original return as the assessee did not bring the fact of revised return to the notice of the A.O. and thus the Ld.CIT(A) has admitted additional evidence without giving reasonable opportunity to the AO under Rule 46A(3) of the I.T.Rules. 2. The Ld.CIT(A) erred in law and on facts in deleting the addition on accoun....

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.... on account of short-term capital gain, however, ld.CIT(A) confirmed the addition amounting to Rs. 2,52,000/-. Now, both the parties are in appeal and cross objection before us. 3. First ground of Revenue's appeal is against the direction to consider the claim amounting to Rs. 13,48,51,978/- in respect of depreciation. The ld.Sr.DR Shri K.C.Mathews vehemently argued that the ld.CIT(A) was not justified in directing the AO to consider the claim of depreciation. 3.1. On the contrary, ld.counsel for the assessee submitted that if the depreciation is available and the assessee has claimed it in the revised return that cannot be disallowed. 4. We have heard the rival submissions, perused the material available on record and gone through....

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....d.counsel for the assessee supported the order of the ld.CIT(A). 6. We have heard the rival submissions, perused the material available on record and gone through the orders of the authorities below. Since the assessee has revised its return on which the AO has not given any finding, we are of the considered view that this issue should be decided by the AO afresh after verifying the claim of the assessee in revised return. Thus, this ground of Revenue's appeal is allowed for statistical purposes. 7. Remaining grounds are general in nature which require no independent adjudication. 8. In the result, Revenue's appeal is allowed for statistical purposes. 9. Now, we take up the Cross Objection No.59/Ahd/2011 for AY 2006-07 (in ITA N....