2013 (6) TMI 833

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....ent by : Shri Pavan Ved & Shri D.K. Sinha O R D E R PER N.K. BILLAIYA, AM: With this appeal the assessee has challenged the correctness of the order of the CIT dt. 26.3.2009 passed u/s. 263 of the Act pertaining to Assessment year 2004-05. 2. It is the say of the Ld. Counsel for the assessee that the CIT failed to appreciate that the assessment order u/s. 143(3) of the Act dt. 17.3.2006 was....

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....epreciation at ₹ 1,04,30,933/- a write off at ₹ 11,58,993/-. 3. During the course of the scrutiny assessment proceedings, the AO had issued a questionnaire dt. 11.12.2006. Question No. 11 and 17 are relevant for the issue under consideration which is as under: Q.11. It is observed from the return of income that depreciation claimed on land & building includes value of land. State wh....

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....ies. In view of this, the company is entitled for depreciation on the leased assets as it fulfills the condition of Section 32 of the I.T. Act, 1961. Reliance is also placed on the decision of the Apex Court in the case of Shaan Finance (P) Ltd. Vs CIT 231 ITR 308 (SC). 5. A perusal of these two questions and the replies filed by the assessee clearly show that during the course of the assessment....