2015 (10) TMI 1406

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..... Sridhar, Advocate For the Respondent : Shri P. Radhakrishnan, JCIT ORDER B. R. Baskaran (Accountant Member).- The assessee has filed this appeal challenging the order of the learned Commissioner of Income-tax (Appeals)-III, Chennai, passed for the assessment year 2006-07, wherein the learned Commissioner of Income-tax (Appeals) has confirmed disallowance of a part of depreciation cla....

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....xcess claim of depreciation. The learned Commissioner of Income-tax (Appeals) also confirmed the said addition. 3. At the time of hearing, learned counsel appearing for the assessee invited our attention to the profit and loss account and submitted that the assessee has actually hired out the vehicles and has earned an income of Rs. 7.47 crores as hire/rental receipts. Learned counsel submitted....

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....y the assessee has earned income mainly from hiring of vehicle. We notice that the Assessing Officer has gone by the declaration made in the return of income with regard to nature of business activities. Accordingly, the Assessing Officer has failed to examine the actual activities carried on by the assessee during the year under consideration. We notice that the learned Commissioner of Income-tax....