Following the decision of ACE Builders (P) 28 ITR 2000(Bom) and Assam Petroleum Industries Pvt Ltd 262 ITR 58 (Gau). It was held that Section 54E does not make any distinction between the depreciable assets and non-depreciable assets, therefore, the investment u/s 54E is a permissible investment.
ITAT AHMEDABAD “D” BENCH
ITA No. 1944/Ahd/2010
A.Y. : -2007-2008
Income-tax Officer Vs. M/s Polestar Industries
C. No. 207/Ahd/2010
(Arising out of ITA No. 1944/Ahd/2010) A.Y.: -2007-08
M/s Polestar Industries Vs. ITO
Date of pronouncement : 31-01-2013
ORDER
PER : MUKUL KR. SHRAWAT, JUDICIAL MEMBER:-
This is an appeal filed by the Revenue and C.O. by the assessee are arising from the order of CIT(A)-XVI, Ahmedabad dated 26-03-2010. Grounds raised are reproduced below:-
