2021 (3) TMI 714

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....tified in deleting the disallowance of Rs. 14,17,240, made by the Assessing Officer being excess claim of depreciation on software expenses. 3. As it transpires from the facts on record that during the year under consideration, the assessee was engaged in the business of housing finance and filed its return of income on 29th November 2013, declaring total income at Rs. 861,28,40,140. The return of income was processed under section 143(1) of the Income Tax Act, 1961 (for short "the Act") and the same was selected for scrutiny under CASS and the statutory notices under section 143(2) and 142(1) of the Act were issued and served on the assessee. Subsequently, the return of income was revised by the assessee on 31st March 2015, declaring tota....

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....ed by the stand of the Assessing Officer, the assessee contested the disallowance made by the Assessing Officer before the first appellate authority wherein before the learned Commissioner (Appeals), the learned Authorised Representative placed reliance upon the decision of the Co-ordinate Bench of the Tribunal, Delhi Bench, in M/s. Globe Capital Market Ltd. vs. Deptt. of Income Tax, ITA No. 2926/Del./2012, and argued for deleting the addition. The learned Commissioner (Appeals) observed that identical issue was allowed by his predecessor-in-office i.e., learned CIT(A)-4, who after considering the facts of the case and relying upon the decision of the Tribunal, Delhi Special Bench, in Amway India Enterprises vs. DCIT, [2008] 111 ITD 112 (De....

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....wing depreciation @ 60%. 7. Considering the rival submissions and on a perusal of the material on record in the light of the decisions relied upon, we find that the issue before us is squarely covered in favour of the assessee by the decision of the Co-ordinate Bench of the Tribunal in assessee's own case in ITA No. 6602/Del./2016, order dated 11th March 2020, for the immediate preceding assessment year 2012-13 wherein the Bench declined to interfere with the order of the first appellate authority. We may, in this regard, refer to the observations made by a Coordinate bench, wherein the Tribunal has declined to interfere with the order of the learned Commissioner (Appeals) by observing as follows:- "14, Having gone through the record....