TaxTMI 
TaxTMI 
2022 (4) TMI 159
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....n this appeal. 2. Assessee has raised following grounds:- "On the facts and in the circumstances of the case and in law, the following grounds are submitted without prejudice to one another. 1. The Learned Commissioner of Income Tax Appeal-49, Mumbai, (CIT(A)-49, Mumbai] erred in confirming the disallowance of the claim of depreciation on Speed Boat of Rs. 1,48,983/- without appreciating the nature of Business of the appellant, without appreciating the fact that the said claim of depreciation on Speed boat was allowed consistently from the date of Purchase i.e. from Assessment Year 2012-2013 till aforesaid Assessment Year except Assessment Year 2014-2015 and also ignoring the justification for non-filing of appeal against the disallowa....
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....e assessee further stated that this depreciation has been allowed by the Assessing Officer in Assessment Year 2012-13. There is no change in the facts and circumstances. Thus, according to assessee it is allowable. 6. The learned Assessing Officer rejected the contention of the assessee and found that there is no evidence to show that the Speed Boat has been used for the purpose of entertaining agents and dealers. He also took note of the manufacturing unit of the assessee situated at different locations. Therefore, he held that it is not used for the purpose of the business but has been used for personal purposes. He further noted that for Assessment Year 2014-15, the above depreciation was disallowed and therefore he disallowed the same ....
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....vehemently supported the orders of the lower authorities. 10. We have carefully considered the rival contentions and perused the orders of the lower authorities. Facts already culled out shows that assessee is a manufacturer has purchased a speed boat where the share of the assessee is 50% and is claiming depreciation thereon Under the pretext that it is being used by assessee for the purposes of its business for entertaining its dealers and customers whenever they come to Mumbai. The speedboat is anchored at Gateway of India. However no evidences produced before the learned assessing officer or before the learned CIT - A that the speedboat is used for the purpose which has been stated by the assessee. No doubt, the depreciation has been a....
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....19 was selected in complete scrutiny and the assessing officer has disallowed the depreciation on speedboat referring the orders of the earlier assessment years. Assessment year 2018 - 19 was passed u/s. 13 (3) of the act on 29th of March 2021. The reasons for selecting the case of the assessee for scrutiny mentioned in paragraph number 1 of the assessment order and we do not find that there is any mention of claim of the assessee with respect to the depreciation on speedboat. Therefore, it cannot be said that the assessee has been allowed depreciation for that year by the learned assessing officer. Even otherwise, each assessment year is separate and distinct assessment unit and therefore generally, unless glaring irregularity or inconsist....