2019 (8) TMI 165

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..... Anil Aggarwal, Mr. Somil Agarwal and Ms. Monika Ghai, Advocates. O R D E R CM Appl. 7359/2018 (exemption) in ITA No.240/2018 1. Allowed, subject to all just exceptions. ITA 239/2018 and ITA 240/2019 2. These are two appeals filed against the impugned common order dated 4th July 2017 passed by the ITAT in ITA No.4877/Del/14 & 2878/Del/2014 for the Assessment Years (AYs) 2007-08 and....

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....5,091/- for AY 2008-2009. The Assessing Officer (AO) acted on the report of Special Audit ordered in the case of DSL under Section 142 (2A) of the Act, after the search, and concluded that the depreciation could not have been claimed in respect of assets acquired by DSL out of the deferred government grant in terms of Explanation 10 to Section 43 (1) of the Act. 5. The Commissioner of Income Ta....

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....roceedings against DSL, cannot obviously be treated as incriminating material qua the Assessee, recovered during the course of search, in order to justify the addition made in the assessment under Section 153A of the Act. This is consistent with the legal position explained in both CIT v. Kabul Chawla(supra) (which still holds the field) and Pr. CIT v. Meeta Gutgutia Proprietor Ferns 'N' Petals (s....