2018 (9) TMI 109

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... Appellant : Md. Nizamuddin, Adv. For The Respondent : Mr. R. N. Bajoria, Sr. Adv. Mr. A. Gupta, Adv. Mr. A. Choudhury, Adv. Mr. R. Poddar. Adv. ORDER The Court :-This appeal involves assessments pertaining to two assessment years being 2007-08 and 2008-09. We admit the appeal so far as the assessment year 2008-09 is concerned on the following point, which in our opinion involves substant....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....lowed was sufficient. Next point urged on behalf of the Revenue is in respect of the decision of the Tribunal to apply the block assets concept in respect of certain properties of the assessee. The assessing officer as well as the First Appellate authority had disallowed the depreciation claim of the assessee on that particular asset on the ground that the said asset was not in use any more. Bo....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....tly held that agreed rent would be the determinant factor for valuation and not the rent revealed from the market search. The authorities on this point are Commissioner of Income Tax Vs. Kishanlal and Sons (Udyog) Pvt. Ltd. reported in 2003 ITR 481 and Commissioner of Income Tax vs. Indra Co. Ltd. reported in 268 ITR 240. The point urged by the Revenue is thus covered. We decline to admit the appe....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ddin, learned counsel for the Revenue. We admit the appeal on the following point, which in our opinion, involves substantial question of law:- "Whether the assessing officer had properly construed the provisions of Section 14A in rejecting the assessee's claim of deduction for business expenditure and applying the formula in Rule 8D of the Income Tax, 1962, which decision was ultimate....