2003 (4) TMI 80

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....come-tax appeal under section 260A of the Income-tax Act 1961. Heard learned counsel for the parties. The petitioner has challenged the impugned order of the Income-tax Appellate Tribunal, Allahabad Bench Allahabad, dated April 29, 1999, copy of which is annexure 4 to this appeal. The relevant assessment year is 1986-87. The assessee-company had purchased gas cylinders worth Rs. 39,44,....

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....ompleting the regular assessment in terms of the order dated March 30, 1988, took the view that the said cylinders could not have been and had not been put to use during the accounting period ending on September 30, 1985, and on that reasoning rejected the claim for depreciation. The Commissioner of Income-tax (Appeals) in first appeal reversed the order of the Assessing Officer on this issue a....

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....e basis of which it could be said and held that the cylinders had been put to use by the assessee in the business of hiring/letting out; and (e) thus all the requisite conditions for granting depreciation on cylinder stood fully satisfied." Aggrieved the Department came in second appeal before the Tribunal and alleged that the Commissioner of Income-tax (Appeals) wrongly allowed 100 per cent....