2021 (5) TMI 252

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.... ORDER These two appeals by the Revenue emanate from the common order dated 10-08-2018 passed by the CIT(A)-2, Thane in relation to the assessment years 200-11 & 2014-15. Since a common issue is raised in these appeals, we are, therefore, proceeding to dispose them off by this consolidated order for the sake of convenience. 2. The only issue raised by the Revenue in these two appeals is aga....

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.... to Rs. 4,92,46,594/-. The ld. CIT(A), relying on orders of the Tribunal order for the A.Yrs. 2005-06, 2006-07, 2009-10 and other years, deleted the entire addition. Aggrieved thereby, the Revenue has come up in appeal before the Tribunal. 4. We have heard the rival submissions through Virtual court and gone through the relevant material on record. It is seen that the extant issue came up for c....

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....alue of Rs. 17.37 crores be attributed to Panki assets. However, revised allocation value of land at Panki would be Rs. 13 crores, out of total slump price of Rs. 153 crores. Accordingly, we direct the Assessing Officer to recompute the value of both tangible and intangible assets, accordingly. Following the same proposition, we hold that the assessee is entitled to claim the depreciation on the v....

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....he ld. CIT(A) overturned the assessment order without noticing the afore quoted para 69 of the Tribunal order, by which direction was given to increase the value of Panki plot to Rs. 13.00 crore from Rs. 1.00 lakh initially shown by the assessee and thereby correspondingly reducing the value of Intangible assets and the resultant claim of depreciation thereon. This position was fairly accepted by ....