2018 (3) TMI 1633

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....ick, Advocate For the Respondent : Shri N. Madhavan, Addl. CIT ORDER Per A. Mohan Alankamony, AM:- This appeal by the assessee is directed against the order passed by the learned Commissioner of Income Tax (Appeals)-1, Chennai, dated 11.05.2017 in ITA No.76/CIT(A)-1/2015-16 for the assessment year 2012-13 passed U/s.250(6) r.w.s. 143(3) of the Act. 2. The appeal was filed by the ass....

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....cts of the case are that the assessee is a private limited company engaged in the business of petro chemical, filed its return of income for the assessment year 2012-13 electronically on 05.12.2012 admitting total income of Rs. 94,46,766/-. The case was selected for scrutiny under CASS and finally assessment order was passed U/s.143(3) of the Act on 13.03.2015 wherein the Ld.AO disallowed the clai....

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....ase made by the assessee is only design and assembly drawings of hydraulic cylinders consisting of six sets. On appeal, the Ld.CIT(A) granted partial relief to the assessee by holding the purchases made by the assessee as intangible assets and thereby granted depreciation @ 25% by observing as under:- "6. I have carefully considered the facts, order of the AO, submissions made by the appe....

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....ed assets @ 25%. This ground of appeal is partly allowed." 6. Before us, the Ld.AR vehemently argued that the purchases made by the assessee company is computer software and therefore it are entitled for depreciation @ 60%. While as the Ld.DR relied on the order of the Ld.CIT(A). 7. We have heard the rival submissions and carefully perused the materials on record. On perusing the order of th....