IN THE INCOME TAX APPELLATE TRIBUNAL
              DELHI BENCHES : C : NEW DELHI

     BEFORE SHRI R.S. SYAL, AM AND SHRI C.M. GARG, JM

                         ITA No.4342/Del/2007
                        Assessment Year : 2002-03

ACIT,                                Vs. Shri Jitender Kumar Gupta,
Circle-I,                                219, Railway Road,
Meerut.                                  Meerut.
                                         PAN AARPG5507B

     (Appellant)                             (Respondent)

              Assessee By        :    Shri M.P. Rastogi, Avocate
              Department By      :    Shri T. Vasanthan, Sr. DR

            Date of Hearing              :   30.04.2015
            Date of Pronouncement        :   05.05.2015

                                  ORDER
PER R.S. SYAL, AM:
       This appeal by the Revenue is directed against the order passed by

the CIT(A) on 4.7.2007 in relation to the assessment year 2002-03.

2.     It is a recalled matter qua the issue assailing the view taken by the

ld. CIT(A) in directing to adopt value of the depreciated assets at

Rs.66,82,684 as against Rs.16,83,750 taken by the Assessing Officer
                                                           ITA No.4342/Del/2007







(AO) and consequently allowing relief of depreciation amounting to

Rs.15,51,163 by ignoring the provisions of section 43(1) of the Act.

Earlier, the tribunal passed a combined order for the instant year as well

as the immediately preceding year u/s 254(1) of the Income-tax Act,

1961 (hereinafter also called `the Act') deciding this issue in favour of

the Revenue, by overturning the order of the ld. CIT(A) and restoring

that of the AO. On an application filed by the assessee u/s 254(2) of the

Act, the tribunal vide its later order dated 3.8.2012, recalled its original

order on this limited issue. That is how, this issue has been placed before

us for consideration and decision.

3.   The issue is about ascertaining the actual cost of Equipments

purchased by the assessee from M/s Baba Buildwell and given on rent to

M/s Minerva Holding and the consequential amount of depreciation.

This issue is similar to the one raised in the appeal for the immediately

preceding assessment year, i.e., 2001-02.         Both the sides are in

agreement that the facts and circumstances of the appeal for the current

year are mutatis mutandis similar to those of the earlier year. In fact,


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                                                                 ITA No.4342/Del/2007







both the sides adopted the arguments made for the earlier year in relation

to the instant year. We have passed a separate order for the preceding

year determining the actual cost of such Equipments at Rs.35 lac as

against Rs.20 lac taken by the AO. The impugned order is set aside on

this score and the matter is remitted to the AO for allowing depreciation

accordingly. This ground is disposed of in the above terms.

4.        In the result, the appeal is partly allowed for statistical purposes.

          The order pronounced in the open court on 05.05.2015.

                Sd/-                                            Sd/-
        [C.M. GARG]                                   [R.S. SYAL]
     JUDICIAL MEMBER                              ACCOUNTANT MEMBER


Dated, 5th May, 2015.
dk
Copy forwarded to:
     1.   Appellant
     2.   Respondent
     3.   CIT
     4.   CIT (A)
     5.   DR, ITAT
                                                      AR, ITAT, NEW DELHI.

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