2013 (4) TMI 1023

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....following substantial questions of law for our consideration: 1) Whether the Tribunal is right in rejecting the revenue's appeal filed against the decision of the CIT(A) in deleting the disallowance of claim of depreciation on intangible assets, being software. 2) Whether the Tribunal is right in deleting the addition made on account of bogus purchase. 3) Whether the Tribunal is right in deleting the addition made on account of disallowance of interest u/s 36(1) (iii) of the Act 4) Whether the Tribunal is right in deleting the addition made on account of disallowance of loss on sale of raw materials 5) Whether the Tribunal is right in deleting the addition made on account of differences of ba....

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.... from the valuation report of assets prepared by Dalal Mott Macdonald which was found in survey which indicated that software developed and installed by the assessee in the system. The assessee produced all the vouchers and receipt for the same which was also examined by learned CIT(A). Nothing is produced before us during the course of arguments to rebut the findings of learned CIT (A). Considering the facts and circumstances of the case in the light of the material on record, we do not find any justification to interfere with the order of the learned CIT(A) in allowing depreciation in respect of all the software purchased and installed during the year." The Tribunal in the present case allowed the claim of the assessee, by confirming t....

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..... Therefore, this issue requires no further consideration. 6. As far as the question no. 4 is concerned, the Tribunal deleted the addition made on account of disallowance of loss on sale of raw materials. It appears that the assessee had provided the requisite details elaborately before the CIT(A) and based on that the remand report was called for from the Assessing Officer. It was noted by the Tribunal that the assessee suffered a loss and this basic fact was not even challenged by the Assessing Officer in the remand report submitted to the CIT(A). In absence of any evidence to rebut the factum of respondent having sustained loss, the Tribunal thought it fit not to interfere with the findings of the CIT(A). This issue is too essentia....