2015 (1) TMI 480

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....Mandar Vaidya ORDER P.C. The Revenue is aggrieved by the order passed by the Income Tax Appellate Tribunal, Mumbai Bench dated 6 June 2012. the order is passed in Income Tax Appeal No.4283/Mum/2011 for the Assessment Year 2007-08. 2. Mr.Sureshkumar submits that the Appeal raises substantial questions of law. Allowance of depreciation on the assets, costs of which have already been allo....

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....eal No.797 of 2012 decided on 26 September 2014. 4. In this case, as a fact, the Tribunal found that the Assessee filed the return of income declaring the income at 'Nil' and the assessment order was passed determining the Assessee's income as Rs. 1,75,88,387. The claim of depreciation to the extent of Rs. 2,07,45,118/- claimed by the Assessee on printing machinery & equipments, com....

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....t was pointed out that the income was applied initially for acquisition of the assets. Later on depreciation was claimed on the use of the assets and from year of its acquisition and later on. 6. Previously, such a question was raised by the Revenue in Income Tax Appeal No.797 of 2012 decided on 26 September 2014. While negativing the arguments of Revenue, this Court has relied upon the earlier....

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....ture has been allowed in the year of acquisition of the assets. The Tribunal in that case took a view that what the Assessing Officer really meant was that the amount spent on acquiring those assets has been treated as application of income of the Trust in the year in which the income was spent in acquiring these assets. This does not mean that in subsequent years, depreciation in respect of those....