TaxTMI 
TaxTMI 
2019 (10) TMI 779
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....1, 229/Alld/2011, 272/Alld/2012, for the assessment years 2007-08, 2008-09, 2009-10 and orders dated 21.3.2016 passed by the Income Tax Appellate Tribunal, Allahabad (Circuit Bench at Varanasi) in Income Tax Appeal Nos.356/Alld/2014, 498/Alld/2015 and 499/Alld/2015 for the assessment years 2010-11, 2011-12 and 2012-13. 2. Issue in all these appeals under challenge are same, hence are being decided by a common order, treating appeal no.251 of 2013, for the assessment year 2007-08, as the leading appeal. 3. All the appeals are filed on the same question of law, which read as under: "Whether the Income Tax Appellate Tribunal is justified in law and facts in holding that the assessee was entitled to claim depreciation on the fixed assets ac....
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....further divided and four new distribution Companies (hereinafter collectively referred to as "distribution licensees") were created under the U.P. Transfer of Distribution Undertaking Scheme,2003 (in short called as "Transfer Scheme, 2003"), vide notification no.2740-PA-1-2003-24-14P- 2003, dated 12.8.2003, issued by the State Government to undertake distribution and supply of electricity in the areas under their respective Zones specified in the Scheme: (i) Dakshinanchal Vidyut Vitran Nigam Ltd. (Agra Discom or DVVNL) (ii) Madhanchal Vidyut Vitran Nigam Ltd. ( Lucknow Discom or MVVNL) (iii) Paschimanchal Vidyut Vitran Nigam Ltd. (Meerut Discom or PVVNL) (iv) Purvanchal Vidyut Vitran Nigam Ltd. ( Varanasi Discom or PVVNL) 8. The sa....
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...., 2008-09, 2009-10, 2010-11, 2011-12 and 2012-13. In all these years the assessing authority had disallowed the depreciation claimed by the assessee on the assets transferred to it pursuant to the Scheme of 2003. 14. Sri Gaurav Mahajan, learned counsel appearing for the Department submitted that Section 32 of the Income Tax Act provides for depreciation in respect of building, machinery, plant or furniture, being tangible assets. He relied upon sub-section 1(ii) of Section 32 of the Act, which provides that depreciation shall be granted only when the assessee owned, wholly or partly and used for the purpose of business or profession that the deduction shall be allowed. According to the appellant the respondent-assessee came into effect fro....
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....rtment has no legs to stand. However, he candidly admitted the fact, that the task for determination of itemwise opening balance of assets and liabilities had been completed and the reports had been submitted by auditor/agency to the assessee, the same have been brought by the counsel for the assessee before the Court in his written submission, which is dated 4.12.2015. The relevant extract of the letter dated 4.12.2015 are extracted here as under : 18. Sri Bansal lastly submitted that in case the court is of different view, then the matter be remanded to A.O. for limited purpose, only for verification of the said record for allowing depreciation to the assessee as per law. 19. Having heard learned counsel for the parties and from perusal....