2015 (3) TMI 1242

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....RDER D. Manmohan (Vice President) This appeal by the Revenue is directed against the order passed by learned CIT(A)-1, Mumbai and it pertains to A.Y. 2009-10. Following grounds were urged before us :- 1. "Whether on the facts and circumstances of the case and in law, the Ld. CIT(A) was right in directing the AO to allow the claim of depreciation relying on the decision of the Hon&#3....

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....he case and in law, the value of the asset, the cost of which has already been allowed as deduction on account of application of income, should not be treated as NIL for the Purpose of depreciation?" 4. "Whether, on the facts and in the circumstances of the case and in law, the Id. CIT(A) was right in directing the AO to allow carry forward off the deficit of earlier years to the surplus ....

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....notice u/s.148 for reopening the assessment, but also on the issue of allowing depreciation for computing application of income and confirmed the decision in the case of CIT vs. Institute of Banking Personnel reported in 264 ITR 110. Respectfully following the decision of Bombay High Court in the appellant's own case for A.Y.2003-04 vide writ petition No.55 of 2011, the A.O. is directed to all....