TaxTMI 
TaxTMI 
2015 (1) TMI 700
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....08 for consideration of the following substantial questions of law: "[A] Whether on the facts and circumstances of the case and in law was the Appellate Tribunal is right in allowing the appeal of the assessee on depreciation claimed on the cylinders which were actually not in use in the previous year even though the same were kept ready for use and quash the order of the Assessing Officer ? [B] Whether on the facts and circumstances of the case and in law was the Appellate Tribunal is right in deleting the addition made on account of closing stock and quash the order of the Assessing Officer relying on the judgment in the c....
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.... use was not entitled to depreciation. 5. Mr. B.D. Karia, learned advocate appearing for the assessee supported the impugned order and submitted that the same having been passed in accordance with law does not call for any interference by this Court. He submitted that the Tribunal while deciding the issue has relied upon the following decisions: (I) CIT vs. Geo Tech Construction Corporation reported in 244 ITR 452; (II) CIT vs. Refrigeration and Allied Industries reported in 247 ITR 12; (III) CIT vs. Pepsu Road Transport Corporation reported in 253 ITR 303. 5.1 Mr. Karia further submitted that the Tribunal is justified in passing the impugned order and therefore the appeal is req....
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....he Tribunal has considered the decision in the case of Pepsu Road Transport Corporation (supr) and was justified in in coming to the conclusion that that cylinders are business assets of the assessee and are to be first filled with gas and sending these cylinders for the purpose of filling of gas itself is for the purpose of business. Learned advocate for the revenue has relied upon the decision in the case of Yellamma Dasappa Hospital (supra). However, considering the facts of the present case wherein the gas cylinders were used for business purpose as when needed, we find that the Tribunal has rightly considered that as the cylinders were filled and kept ready for use of business purpose, depreciation ought to have been allowed. Therefore....