Case Law Details
ACIT Vs Kansara Popatlal Tribhovandas Metal Pvt. Ltd. (ITAT Ahmedabad)
ITAT Ahmedabad held that as the additional evidence produced clearly indicates that company has put to use the windmill turbine in the year, depreciation on the same is available.
Facts- In the return of income, depreciation of Rs.1,68,42,000/- was claimed by the assessee on windmill stated to be purchased and put to use after 01.10.2011. During the course of assessment proceedings, this claim of the assessee was verified by the AO and after obtaining the required details as well as making necessary inquiries, the AO disallowed the claim of the assessee for depreciation on windmill.
CIT(A) allowed the claim of the assessee for depreciation on windmill. Being aggrieved, revenue has preferred the present appeal.
Conclusion- Co-ordinate Bench of this Tribunal in the case of Kansara Popatlal Tribhuvan Metal Pvt. Ltd. Vs. PCIT has decided the issue in favour of the assessee.
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