2014 (9) TMI 733

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....rcumstances and in view of the provision of section 3 of the Income Tax Act as amended vide Direct Taxes (Amendment) Act, 1987 with effect from 1-4-1989 and in force during the relevant assessment year [which was the transitional assessment year] read with rules contained in Tenth Schedule, and as explained vide CBDT Circular No.549 dated 31-10-1989, the Ld. ITAT is not justified in affirming the order of the CIT(A) by which the depreciation in respect of assets of the hire purchase and leasing business of the appellant has been allowed only for 12 months as against the claim of the appellant -assessee for 22 months. (ii). Whether on the facts and in the circumstances of the case, the finding of the Ld. ITAT that the business of hire purch....

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.... original business. But the same was rejected by the A.O. The order of the A.O. was confirmed by both the appellate authorities, so the present appeal has been filed. 5. Sri S. D. Singh, learned Senior counsel assisted by Sri Rishi Raj Kapoor, learned counsel for assessee submitted that the management was common and both the businesses are the same business, there has been inter-lacing, interlocking, inter-connection, same management and claimed to be even part of the same business of the assessee. The new business was started during the existing business itself and under the same management. He further submitted that the existing business division provide the funds to the new business division and the said fact was also confirmed from the....