2011 (11) TMI 876

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....ers of the Commissioner of Income-tax(Appeals)-III at Chennai, dated 30-7-2010. They arise out of the assessments completed under section 143(3), read with section 147 of the Income-tax Act, 1961. 2. We heard Shri R.B.Naik, the learned Commissioner of Income-tax, appearing for the Revenue and Shri K.Meenatchi Sundaram, the learned chartered accountant, appearing for the assessee. 3. The first issue raised before the Tribunal is that the Commissioner of Income-tax(Appeals) went wrong in allowing depreciation on electrical fittings at the rate of 25% as against the rate of 15% allowed by the assessing authority. It is the case of the Revenue that the entry of "Furniture and fittings" given in the depreciation table includes "Electrical fitt....

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..... The facts always remain the same and the same can be explained by the assessee to the satisfaction of the assessing authority as well. The order of the Commissioner of Income tax( Appeals) on this point is set aside and the issue is remitted back to the assessing authority for fresh consideration in the light of the submissions that may be made by the assessee as well as keeping in mind the observations made by the Commissioner of Income-tax(Appeals). 5. The second issue to be considered by the Tribunal is the question of depreciation on expenses incurred in connection with setting up of 'breakwater' in the port. The assessee has constructed the breakwater in the mouth of the port after mining black rock boulders from its own mines in th....