sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
From the Courts »
 ITO Coy. Ward – 11(3) Room No. 420D C. R. Building New Delhi vs. Hi Life Exports (P) Ltd. Ward – 191, A, Ekta Marg, Western Avenue, Sainik Farms, New Delhi -110062
 Sh. Pradip Kumar Khator 1080, First Floor, Sector-46, Gurgaon, Haryana. vs ITO Ward 3(3), Gurgaon
 Sh. Jai Prakash 261, Block E-19, Sector-3, Rohini, New Delhi. vs ITO Ward 39(5), New Delhi.
 Vikram Krishnan vs. Principal Commissioner Of Income Tax
 ITO vs. Synergy Finlease Pvt. Ltd (ITAT Delhi)
 Sir Mohd. Yusuf Trust vs. ACIT (ITAT Mumbai)
 NuPower Renewables Pvt. Ltd vs. ACIT (Bombay High Court)
 CIT vs. Gopal Shri Scrips Pvt. Ltd (Supreme Court)
 ITO, Ward-271(1),Civic Centre, Minto Road, New Delhi vs. M/s. B2B Management, 5/47, Shyam Singh Street, Gopi Nath, New Delhi
 Shri Opinder Singh Virk Pravesh Kumar Sharma, R/o 493- L, Model Town, Karnal. vs. Income-tax Officer, Ward-2, Karnal.
 SplendorLandbase Ltd., Splendor Forum, 502-511 Plot No 3, Jasola District Centre,New Delhi vs. ACIT, Circle-3, New Delhi.

ICICI Bank Ltd.,ICICI Bank Towers Bandra Kurla Complex, Bandra (E), Mumbai-400 051 Vs. The DCIT, Range 3(1), Aayakar Bhavan, Mumbai-400 020
December, 10th 2014



               ./I.T.A. No. 2801/Mum/2004
            ( [ [ / Assessment Year : 1998-99
ICICI Bank Ltd.,        / The DCIT, Range 3(1),
ICICI Bank Towers              Aayakar Bhavan,
Bandra Kurla Complex,          Mumbai-400 020
Bandra (E),
Mumbai-400 051
    . /   . / PAN/GIR No. : AAACI 1195H
    ( /Appellant)        ..       (× / Respondent)
        / Appellant by:                         Ms. Arati Vissanji
      ×   /Respondent by:                      Shri S.D. Srivastava

               / Date of Hearing                             :02.12.2014
               /Date of Pronouncement : 5 .12.2014

                               / O R D E R


        This appeal by the assessee is preferred against the order of the Ld.
CIT(A)-XII, Mumbai dt.3.2.2004 pertaining to A.Y.1998-99.

2.      The sole grievance of the assessee is that the Ld. CIT(A) erred in
confirming the disallowance of depreciation on leased assets by treating
                                     2                       ITA No. 2801/M/04

the entire leased transactions as finance transactions following the order
of his predecessor in the earlier assessment years.

3.    During the course of the assessment proceedings, the Assessing
officer noticed that the assessee has claimed depreciation of Rs.
8,22,49,860/- on the assets leased to various lessees. The AO further
observed that the assessee has acquired        12 Wind Mills from M/s.
Renewable Energyy Systems Ltd., Hyderabad for Rs. 9.60 crores and
gave themn back on lease to the supplier on which the assessee has
claimed 100% depreciation. Since the assessee has acquired on the last
day of the year, 50% of the depreciation was claimed at Rs. 4.80 crores.
The remaining depreciation of Rs. 3,42,49,860/- was on the assets which
were acquired in the preceding assessment years. The depreciation on the
assets acquired during the year at Rs. 4.80 crores was allowed by the
AO.    However, the AO disallowed the claim of depreciation of Rs.
3,42,49,860/- in respect of leased transaction entered into earlier years.

4.    Aggrieved by this, the assessee carried the matter before the Ld.
CIT(A) but without any success.

5.    Aggrieved, assessee is before us.

6.    The Ld. Counsel for the assessee brought to our notice the decision
of the Tribunal in assessee's own case for earlier assessment years in
ITA Nos. 3643 & 3644/M/2001. It is the say of the Ld. Counsel that in
earlier assessment years, the Tribunal has allowed the claim of
depreciation. It was further submitted by the Ld. Counsel that during the
year under consideration, the depreciation has been claimed on the
                                      3                       ITA No. 2801/M/04

opening balance of WDV therefore there is no reason why the
depreciation should not be allowed.

7.    Per contra, the Ld. Departmental Representative supported the
orders of the authorities below.

8.    We have carefully perused the orders of the authorities below. The
AO in his assessment order at page-3 & 4 has admitted that the
depreciation of Rs. 3,42,49,860/- is on assets which were acquired in the
preceding assessment year. We find that the Tribunal in ITA Nos. 3643
& 3644/M/01 for assessment years 1996-97 & 1997-98 has allowed the
claim of depreciation. Since the depreciation has been allowed for earlier
assessment years, the depreciation claimed on the WDV brought forward
during the year under consideration cannot be disallowed.               We,
accordingly set aside the findings of the Ld. CIT(A) and direct the AO to
allow the claim of depreciation.

9.    In the result, the appeal filed by the assessee is allowed.

      Order pronounced in the open court on 5th Dec.2014

           Sd/-                                   Sd/-
      (VIJAY PAL RAO )                          (N.K. BILLAIYA)
 Mumbai;  Dated :
.../ RJ , Sr. PS
                           4        ITA No. 2801/M/04

    /Copy of the Order forwarded to :
1.  / The Appellant
2.   × / The Respondent.
3.    () / The CIT(A)-
4.     / CIT
5.    ,   , 
     / DR, ITAT, Mumbai
6.   [  / Guard file.
                                / BY ORDER,
          ×  //True Copy//
                    (Dy./Asstt. Registrar)
                    ,  / ITAT, Mumbai
Home | About Us | Terms and Conditions | Contact Us
Copyright 2019 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Integrated Software Solutions Integrated Software Development Integrated Software Services Integrated Software Solutions India Integrated Softw

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions