2006 (8) TMI 171

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.... order will dispose of I. T. A. Nos. 626 to 629 of 2005. However, the facts are being taken from I. T. A. No. 626 of 2005. 2. The assessee has approached this court by filing the present appeal, raising the following substantial questions of law arising out of the order passed by the Income-tax Appellate Tribunal, Chandigarh Bench "B" (for short "the Tribunal") in I. T. A. No. 2l9/Chandi/200l, ....

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....e on November 28, 1997, declaring a loss of Rs. 4,69,746, which was processed under section 143(1)(a) of the Income-tax Act, 1961 (for short "the Act") on September 8, 1998, thereafter, notice under sections 142(1) and 143(2) of the Act was issued for regular assessment. The claim of the assessee for depreciation of Rs. 10,38,084 on the assets of Hissar Farm was disallowed, keeping in view the pro....

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....st of the assets were used for agricultural operation and the claim of the assessee that its assets were being used for business purposes is not supported by any material evidence on record. Therefore, in our considered opinion, the Commissioner of Income-tax (Appeals) was justified in confirming the action of the Assessing Officer. We, therefore, uphold the same and reject the ground raised by th....

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....of Income-tax (Appeals) and reject the ground raised in appeal by the assessee." 6. We are in complete agreement with the findings recorded by the Tribunal. Once the assessee had not been able to substantiate before the authorities that the assets were not used for agricultural operation and in fact were being used for business purposes, there is no question of grant of depreciation thereon. Si....