2016 (7) TMI 924

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....R THE OPPONENT : MR B S SOPARKAR, CAVEATOR ORAL ORDER (PER : HONOURABLE MR.JUSTICE KS JHAVERI) 1. Revenue has challenged judgement dated 30.11.2015 of the Income Tax Appellate Tribunal. Revenue has proposed following questions of law for our consideration: "A. Whether the ITAT has erred in law and on facts in allowing the Capital loss of sale of shares and securities of Rs. 74,78,000/-....

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....9 and reassessed the income of the assessee at Rs. 3,46,09,520/- as per order dated 28.03.2002. 3. The assessee carried the matter in appeal before CIT (Appeals). CIT (Appeals) vide order dated 27.09.2011 confirmed the view of the Assessing Officer, however, granted relief in respect of capital loss of sale of shares and securities of Rs. 74,78,000/- depreciation claim of Rs. 38,24,344/- in res....

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....ness of its depreciation claim qua the air pollution control equipment in question leased our to M/s. Rajendra Steels Ltd., Kanpur. The Revenue's argument accordingly are declined. We affirm the CIT(A)'s findings extracted hereinabove granting depreciation relief to assessee amounting to Rs. 38,28,244/-. The Revenue's second substantive ground fails. We refer to our detailed findings h....

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....ground challenges the CIT(A)'s order directing the Assessing Officer to allow depreciation claim of Rs. 38,28,344/- on plant and machinery leased to M/s. Rajendra Steels Ltd. Both parties agree that the very issue stands decided in assessee's favour in Revenue's appeal ITA 3465 of 2004. We accordingly reject the Revenue's sole substantive ground. ITA 2348 of 2006 is dismissed." ....