Shakti Hormann Pvt. Ltd. Vs DCIT (ITAT Hyderabad)
We find that the assessee is not benefitting in any way by not filing the appeal in time before the Tribunal. The assessee has explained the reasons as misplacement of papers by one of the office staff. This is one of the possible reasons for not being able to file the appeal within the time. Further, after hearing the assessee on merits also, we find that the assessee has an arguable case on merits. Hence, we are inclined to condone the delay of 368 (Three Six Eight) days and proceed to dispose-of the appeal on merits.
WDV of the block of assets is to be reduced by the sale proceeds received on sale of one or more of the assets and not the entire WDV of the said asset
Under Section 43(6) of the Act, the WDV of the block of assets is to be reduced by the sale proceeds received on sale of one or more of the assets from the block and not the entire WDV of the said asset. Therefore, we direct the AO to reduce only the sale proceeds of Rs.26,782/- only from the WDV of the block of the assets and allow the depreciation on the balance of the WDV.
