2015 (10) TMI 1424

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....rakash K Jotwani ORDER Per: Joginder Singh: The Revenue as well as the Assessee are in cross appeal for Assessment Year 2008-09 challenging the impugned order dated 20.06.2012 of the ld. First Appellate Authority, Mumbai. 2. First we shall take up appeal of the Revenue (ITA No.5292/Mum/2012) wherein the effective ground raised pertains to allowing depreciation of school building, labou....

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....rm engaged in the business of civil construction mainly with the government/semi-government organizations. The assessee on 30.09.2008 declared income of Rs. 79,44,800/-. The Assessing Officer determined the income at Rs. 1,11,52,260/-. A sum of Rs. 16,07,503/- was disallowed by the Assessing Officer on the ground that 100% depreciation on the school building, labour huts and store building etc. is....

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....ent by claiming 50% depreciation in two different assessment year when the project was in existence. In view of these facts, we affirm the stand of the ld. Commissioner of Income Tax (Appeals) on this issue in granting relief with respect to claim of depreciation, thus, the appeal of the Revenue is having no merit, consequently, the appeal is dismissed. 3. Now we shall take up the appeal of the....

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....a partnership firm carrying on the business of civil construction broadly with the Government and Semi Government Organisations. The Assessing Officer disallowed a sum of Rs. 11,62,358, on the ground that the accrued interest on F.Ds was not accounted for in the books of accounts by the assessee. We find that the bank directly credited the interest on F.Ds and due to non-communication to the asses....