2013 (6) TMI 847

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Saraf, Adv., Mr. J. P. Khaitan, Sr.Adv., Mr. Somak Basu, Adv. ORDER This appeal by the Revenue is directed against a judgement and order dated August 7, 2012 passed by the Income Tax Appellate Tribunal, Kolkata, Bench 'A' Kolkata, hereinafter referred to as the 'learned Tribunal', confirming deletion by the learned Commissioner of Income Tax (Appeals)of disallowance of claim of depreciation ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... in (2012) 348 ITR 150 (Delhi) where depreciation of assets purchased out of loans from the Government, which had been waived, were disallowed. The judgement has no application in the facts of this case. As rightly pointed out by Mr. Khaitan, learned senior Advocate, appearing on behalf of the assessee, there has been a change in the law from the year 1990. Section 33AB(3) as it stood prior to ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... from 1st April, 1991. Sub-section 4 of Section 33AB(1) as amended provides as follows:- "(4) Notwithstanding anything contained in sub-section (3), where any amount standing to the credit of the assessee in the special account or in the Deposit Account is released during any previous year by the National Bank or withdrawn by the assessee from the Deposit Account, and such amount is utili....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....o be the profits and gains of business of that previous year and shall accordingly be chargeable to income tax as the income of that previous year." Having regard to the law, we are of the view that the learned Tribunal very rightly confirmed the deletion of disallowance of the claim of the assessee to depreciation as made by the learned Commissioner of Income Tax (Appeals). The other issue in ....