TaxTMI 
TaxTMI 
2006 (1) TMI 169
X X X X Extracts X X X X
X X X X Extracts X X X X
.... order of the learned CIT(A)II, dt. 24th June, 2003, for the block period 1888-89 to 1998-99. 2. We have heard both sides and perused the records. The assessment in this case has been passed under s. 158BC of the IT Act, on the basis of a search conducted under s. 132 of the IT Act. The assessee had claimed depreciation on the building used for the purpose of business. This claim was disallowed b....
X X X X Extracts X X X X
X X X X Extracts X X X X
....uo motu allotted certain portion of cash found unexplained at the time of search, to each year, treating it as business income and then claimed depreciation for each year. This is wrong and goes against the principle of s. 132(4) of the IT Act. This aspect is ignored by the CIT(A)." 3. The learned Departmental Representative contended that the case of the assessee does not fall within the purview....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ed CIT(A). 5. We have heard the rival submissions and perused the records. At the outset, it is pertinent to note that col. 8 of the preamble to the assessment order describes the nature of the business of the assessee as "deals in dry fruits". The first para of the assessment order reads "in continuation of the search carried oat under s. 132 of the IT Act both in the residence and business prem....
X X X X Extracts X X X X
X X X X Extracts X X X X
....unal in his order meticulously while granting relief to the assessee on depreciation. Though, the assessee did not claim (depreciation) in any of the assessment years prior to search, he is entitled to claim the current depreciation for the block period. In the decision of Tribunal, Pune Bench, in the case of Balaji Construction vs. Asstt. CIT (2000) 66 TTJ (Pune) 718, it has been held that "the p....