2016 (7) TMI 1330

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.... ORDER PER SUDHANSHU SRIVASTAVA, JUDICIAL MEMBER: These bunches of five appeals have been preferred by the Department on identical issue and the grounds are also common. We reproduce grounds of appeal in ITA No. 1455/Del/2014 for a ready reference. The grounds read as under: 1. "On the facts and in the circumstances of the case, the ld. CIT (A) has erred in law and on facts in ho....

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....the issue is covered in favour of the assessee by the decision of the Apex Court in Nectar Beverages P. Ltd. vs. DCIT 314 ITR 314, wherein the Hon'ble Apex Court has held that the depreciation is an allowance and not expenditure. 4. The Ld. CIT DR placed reliance on the order of the AO and submitted that the Ld. CIT (A) has wrongly ignored the fact that depreciation was like any other business ....