2016 (7) TMI 708

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....the Respondent : HR Kumawat ORDER By this Income Tax appeal, a challenge is made to the order of Income Tax Appellate Tribunal (for short "the Tribunal") dated 28th February, 2014 whereby the appeal preferred by the assessee was allowed. Learned counsel for the revenue submits that rate of depreciation was an issue before the Tribunal but without proper appreciation of law as well as fact....

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....the issue aforesaid. Accordingly, the order of the Tribunal may be set aside while maintaining the order passed by the CIT. Learned counsel for the assessee has contested the appeal and submitted that the Commissioner has made observations against the judgment passed by the Madras High Court in the case of CIT Vs. Hi Tech Arai Ltd. reported in (2010) 321 ITR 477 (Mad.) as well as Income Tax ....

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....ot interfered in the order passed by the assessing authority and thus, the Tribunal has rightly set aside the order in the appeal preferred before it. Accordingly, it may be maintained. We have considered submissions made by learned counsel for the parties and scanned the matter carefully. It is a case where two issues have been raised by the revenue. The first issue is regarding deprecia....

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....ty and thus, the Madras High Court decided the issue in favour of the assessee and against the revenue. The issue having been confirmed by the Apex Court on dismissal of appeal, we are unable to take a different view as has been taken by the Madras High Court and has to be applied herein also. The other issue is regarding rate of depreciation. According to the revenue, rate of depreciation c....