2017 (11) TMI 906

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....46,405/- on plant and machinery and on Factory Building. 2. The appellant craves leave to add/delete/modify the grounds of appeal." 2. After hearing the rival contentions we find that the First Appellate Authority has recorded that the assets in question is part of the "block of assets". He held that once the asset merges with the existing block of assets, which carry the same rate of depreciation and one asset of the block is put to use then the entire block would be eligible to depreciation. 3. The 'B " Bench of this tribunal in ITA No.2008/Kol/2014 for A.Y.2005-06 held as follows :- "4.1.1. Even otherwise, under the block of assets concept, the requirement of. using of the plant and machinery, by the assessee, dur....

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....duction even though these ponds were discarded and not used. and not owned by it during *the assessment years in question, as the assessee was not entitled to any scrap value . whatsoever; consequent to discarding. Coming to the case law relied upon by the Id. Departmental Representative and by the Id. CIT(A), all of them are distinguishable as all these cases dealt with grant of depreciation for -assessment years before the in troduction of the concept of depreciation on "block assets." . Thus, we uphold the claim of the assessee for depreciation for both the assessment years and $et aside the order of the Id. CIT(A). 5. Respectfully following the propositions of law laid down in the above judicial precedent, we allow this claim o....

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....pany was to lease out generating sets. The lease in the instant case expired on 30-11-1974 but the assessee-company did not get back the diesel generating set because of the lock-out declared in the lessee's factory. Lock outs and strikes are the usual business hazards that a company has to face in course of running of the business. The fact that the lock- out was not in theassessee's own business does not make any difference to the position. The assessee had leased out a generating set in course of its business. It could not get back the set even after the lease period because of the lockout in the lessee's factory. This is a happening which was incidental to the assessee's business of leasing out generating sets. The asses....