Case Law Details
Case Name : ACIT Vs M/s Great Eastern Energy Corpn. Ltd. (ITAT Delhi)
Related Assessment Year : 2007-08
Courts :
All ITAT ITAT Delhi
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We find that the claim of the assessee that the building in question was purchased by it and was in use for the purpose of its business was not denied by the AO. The AO has disallowed the claimed depreciation only on the basis that the building was yet to be registered in the name of the assessee company.
The assessee claimed that the building was purchased through deed of assignment and agreement for sale in the year 2005 and possession thereof was handed over to the assessee on the payment of agreed sale consideration to the seller. The properties were however, could not register in the name...
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Is not the A O /Dept obliged to follow a point of law established by the Supreme Court? In the instant case, at least the appeal on the issue referred to in Ground No.3 could have been avoided.
It will be in interests of fair tax administration if a system of Compliance Report /Action Taken Report in respect of S C Judgements is evolved. This will help save the time lost in appeals on decided principles.
Regards.
R Balasubramanian, Chennai-59.