2023 (6) TMI 823

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....ead of WDV? II. Whether on the facts and in the circumstances of the case and in law, the Tribunal erred in not appreciating the fact that the conversation of firm to a company was an internal arrangement for evasion of Tax ? III. Whether on the facts and in the circumstances of the case and in law, the Tribunal erred in holding that the assessee was eligible to claim depreciation as per the revaluation carried out and the report of the Government Approved Valuer? IV. Whether on the facts and in the circumstances of the case and in law, the Tribunal was right in not appreciating the fact that depreciation claimed by the assessee was in respect of revalued assets where the depreciation claim is @ 80%? V. W....

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....n 31/03/2008 by reducing the depreciation claim for the period from 01/09/2007 to 31/03/2008 on revalued figure. According to the assessing Officer, Petitioner had claimed excess depreciation and disallowed the depreciation as claimed on the revalued cost. The assessee's claim of depreciation was recalculated at Rs. 12,92,66,889/- in place of Rs. 35,21,38,615/-. The total income was determined under normal provisions at Rs. 5,64,14,373/- and book profit under Section 115JB was worked out at Rs. 13,56,43,461/-. 5. The assessee impugned this order before the Commissioner of Income-tax (Appeals), who by an order dated 04/03/2014, dismissed the Appeal. This order was impugned by assessee before the Income Tax Appellate Tribunal (ITAT), and I....

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...., or the demerged company and the resulting company, as the case may be, in the ratio of the number of days for which the assets were used by them. ......" Section 43(1) defines actual cost which reads as under:- "In sections 28 to 41 and in this section, unless the context otherwise requires- (1) "actual cost" means the actual cost of the assets to the assessee, reduced by that portion of the cost thereof, if any, as has been met directly or indirectly by any other person or authority: .........." Rule 5 of Income Tax Rules, 1962 which deals with depreciation also states "........ provided that the aggregate depreciation allowed in respect of any asset for different assessment years shall not exceed the actual cost ....