2023 (5) TMI 621

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....s)-11, Chennai, dated 13.03.2003, 17.03.2003, 05.07.2004, 28.02.2003, 05.07.2004, 10.03.2003, 11.03.2003, 28.12.2005, and pertains to assessment years 1991-92 to 2002-03 respectively. Since, facts are identical and issues are common, for the sake of convenience, these appeals were heard together and are being disposed off, by this consolidated order. 2. The brief facts of the case are that in all these assessment years, the assessee has claimed depreciation on assets taken over from Bank of Thanjavur Ltd., in pursuant to amalgamation of Bank of Thanjavur Ltd., with assessee's bank approved by Reserve Bank of India. The assessee's bank has claimed depreciation on assets taken over from Bank of Thanjavur Ltd., on the basis of value fixed in ....

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....in pursuant to amalgamation of Bank of Thanjavur Ltd., with assessee's bank in light of arguments of the Ld.Counsel for the assessee that Explanation- 7 to Sec.43(1) of the Act, does not apply, because, even after amalgamation, the Bank of Thanjavur Ltd., is still functioning and only part of the business of the said bank was transferred with the assessee's bank. Therefore, present appeals were fixed for hearing in pursuant to directions of the Hon'ble High Court of Madras. 3. The Ld.Counsel for the assessee, at the time of hearing, fairly agreed that the assessee does not want to continue the litigation on the issue of depreciation on assets taken over in pursuant to take over of banking business of Bank of Thanjavur Ltd., because, the so....

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.... on record and gone through orders of the authorities below. The sole dispute arise from these appeals is with regard to depreciation on assets taken over in pursuant to amalgamation of Bank of Thanjavur Ltd., with assessee's bank. As we have already stated in our earlier part of this order, the Bank of Thanjavur Ltd., is amalgamated with assessee's bank in pursuant to amalgamation sanctioned by a Court of law. The assessee had claimed depreciation on assets taken over from Bank of Thanjavur Ltd., on the basis of value assigned in terms of agreement between parties on the ground that said value has been determined by the Government of India. The AO has allowed depreciation on assets taken over from the Bank of Thanjavur Ltd., on written dow....