2025 (2) TMI 1373

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....the Revenue : Shri Bhangepatil Pushkaraj Ramesh, Sr. D/R ORDER PER NARENDRA KUMAR BILLAIYA, AM: This appeal by the revenue is preferred against the order of the ld. CIT(A)-51, Mumbai [hereinafter 'the ld. CIT(A)'], dated 29/10/2024, pertaining to AY 2014-15. 2. The grievance of the revenue read as under:- "1. Whether on the facts and circumstances of the case and in law, the L....

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....the leave to add, substitute, modify, alter, delete or amend all or any ground of appeal either before or at the time of hearing." 3. Briefly stated the facts of the case are that the assessee is engaged in the business of providing transport services and filed its return electronically on 31/10/2014 declaring total income at Rs. 4,12,07,910/-. During the course of the scrutiny assessment proce....

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....enience but were purchased by the firm and are duly reflected in the block of asset of the firm. The ld. CIT(A) after considering the submission of the assessee was convinced that the assessee has been using these trucks regularly and the same form a part of its own balance sheet and block of assets. The ld. CIT(A) further found that the purchase consideration was paid by the assessee firm and als....

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....Consultant Pvt. Ltd. [2017] 83 taxmann.com 27 (Mumbai - Trib.). 5.1.1. The Hon'ble Supreme Court in the case Mysore Minerals Ltd. vs. CIT (1999) 239 ITR 775 (SC) has held that term 'owned' in Section 32(1) has a wider meaning. Tax benefit on account of depreciation legitimately belongs to one who has invested in the capital asset is utilizing the capital asset and thereby losing gradually inves....