2017 (2) TMI 914

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....tantive grounds raised in the instant appeal challenge the CIT(A)'s order confirming Assessing Officer's action disallowing its depreciation claim made in course of assessment proceedings seeking to include the alleged short term capital gains arising from sale of motor vehicles with the other block of assets of plant and machinery thereby assessing its short term capital gains u/s.50 of the Act to the tune of Rs. 26,95,708/- in view of hon'ble apex court's decision in Goetz India Ltd. vs. CIT 284 ITR 323 (SC). 3. Relevant facts involved in the instant case are in a narrow compass. This assessee is a company manufacturing and trading in metals/fabric products. It filed letter dated 04.07.2011 before the assessing authority requesting to ....

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....ets in respect of which same percentage of depreciation is prescribed. The block of assets have been listed in the New Appendix in the Income-tax Rules, 1962, The appellant's claim that all the assets, which have same rate of depreciation falls under same block of assets, is too simple interpretation of Section 2(11). The learned AR of the appellant has ignored the first leg of definition of block of assets provided in Section 2(11) which says that block of assets means a group of assets falling within a class of assets. The first requirement for the assets to be listed in a block of assets is that they should fall in the same class of assets. Only those assets who fall under same class of assets and have same rate of depreciation will ....