Depreciation on assets acquired out of foreign currency loans

DECIDED BY: ITAT, MUMBAI BENCH `L’, MUMBAI, IN THE CASE OF: DDIT (Int’l Taxation) Vs. Staubil A. G. India Branch Office, APPEAL NO: ITA No. 3703 /Mum/2005, DECIDED ON April 5, 2010 ORDER Per D.K. AGARWAL (JM). These two appeals preferred by the revenue are directed against the separate orders dated 31.1.2005 and 11.7.2006 passed by ld. CIT(A) for the Assessment Years 2001-02 and 2003-04 respectively. Since facts are identical and issues involved are common, both these appeals are disposed of by this common order for the sake of convenience. 2. Briefly stated the facts extracted fro...