In view of Explanation 5 to section 32(1), the Assessing Officer was duty-bound to grant depreciation allowance, whether the same is claimed by the assessee or not, provided the conditions mentioned under section 32 are satisfied.
IN THE ITAT BANGALORE BENCH ‘B’
Rakesh Singh
versus
Assistant Commissioner of Income-tax
IT APPEAL NO. 1027 (BANG.) OF 2011
[ASSESSMENT YEAR 2007-08]
AUGUST 24, 2012
ORDER
George George K, Judicial Member
This appeal instituted by the assessee is directed against the order of the CIT (A), Mysore dated 26/8/2011. The relevant assessment year is 2007-08.
2. The assessee has raised seven grounds in his Memorandum of appeal. Ground No.1 and 7 are general in nature and no specific adjudication is called for and, hence, the same are dismissed. Ground No.6 is not maintainable as charging of interest u/s 234A, 234B and 234C of the Act is mandatory and consequential in nature and, therefore, this ground is dismissed.
3. Ground No.2, 3, 4 and 5 reads as follows:-
(2) The learned CIT(A) is not justified in holding that the claim made by the appellant in the return of income filed in course of assessment proceedings cannot be allowed as the revised return of income cannot be acted upon by the learned AO under the facts and in the circumstances of the appellant’s case;
(3) The authorities below are not justified in not considering the income from house property at Rs. 6,65,710/- ad declared by the appellant in his revised return of income under the facts and in the circumstances of the appellant’s case;
(4) the authorities below are not justified in not allowing the claim of Rs. 15,567/- and Rs. 6,167/- towards interest on car loan on Zen and Ford Fiesta Car and Rs.95,665/-towards depreciation on cars under the facts and in the circumstances of the appellant’s case; &
(5) The authorities below are not justified in assessing the appellant on the short term capital gain of Rs. 22,66,195/-as against the loss of Rs. 8,47,805/- claimed by the appellant under the facts and in the circumstances of the appellant’s case.
4. Briefly stated the facts are as follows:-
The assessee is an individual. He is deriving income from house property and from the business of real estate. For the year under consideration, the assessee filed the e-return on 29/2/2008 declaring an income of Rs.29,49,560/-, which consisted of the following:-
