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2010 (1) TMI 875 - ITAT, DELHIValuation of asset – CIT(A) adopted the value of assets at Rs.89,10,245 as against of Rs.22,45,000 taken by the AO and consequently relief of deprecation of Rs.16,66,311 by ignoring the facts that the working of the cost of the assets done by the Addl. CIT was determined under s. 43(1)/144A of the IT Act – Held that:- cost shown to have been incurred by the assessee is inflated and fictitious cost which has no reality. The assessee has not produced any material on record to show that the cost paid by him was genuine cost and the cost in reality, order of the CIT(A) set aside in this regard and restore that of AO. Accordingly this issue is decided in favour of the Revenue. Maintenance and supervision of hired assets - Business expenditure - AO stated that the payees of the supervision charges could not have done the work - cost of those assets and the related maintenance and supervision charges thereon will have to be considered in a cohesive manner, matter remanded to AO. Redemption of IDBI bonds taxed under the head "Income from other sources - income of Rs.1,28,532 will have to be taxed under the head 'Income from other sources' and not under the head 'Capital gains', as claimed by the appellant - Held that:- AO should have an opportunity to give his finding in this regard, Matter remanded to AO.
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