2015 (2) TMI 1341

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....ER P.C: This Appeal under Section 260A of the Income Tax Act, 1961 (the Act), challenges the order dated 31st August. 2012 passed by the Income Tax Appellate Tribunal (the Tribunal) for the Assessment Year 2007-08. 2 Although numerous questions have been formulated in the memo of appeal, Mr. Suresh Kumar, learned Counsel appearing for the Revenue presses only the following questions of la....

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....circumstances of the case, the Tribunal was correct in law in upholding the order of the CIT(A) directing the AO to allow depreciation on the assets acquired from Tata Motors Ltd. at the cost at which they have been acquired, ignoring that the provisions of clause (iv) of Section 47 and Explanation 6 to subsection (1) of Section 43 were applicable to the assessee during the relevant assessment yea....

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....f the above, Mr. Suresh Kumar, learned Counsel appearing for the Revenue states that the admission of present appeal be kept pending with liberty to mention after the Supreme Court finally disposes of the Revenue's Appeal from the order of this Court in M/s. Essar Oil Ltd. (supra). 5 We specifically asked Mr. Suresh Kumar, the Counsel for the Revenue whether the order of this Court in M/s. ....