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Issues involved: Appeal by Revenue and Cross Objections by assessee against order of CIT(A) regarding depreciation claim under section 143(3) of the Income Tax Act 1961 for assessment year 2008-09.
Revenue's grounds in appeal: Opposed to CIT(A)'s order, questioning depreciation allowance based on various court decisions. Claimed depreciation was double deduction. Assessee's defense: CIT(A) rightly interfered in disallowance of depreciation. Filed supporting documents. Assessing Officer's findings: Assessee is a Port Trust. Initially declared income processed under section 143(1). Later, revised statement admitted higher income due to registration under section 12AA with retrospective effect. Dispute over depreciation claim: Assessing Officer disallowed `.11,56,72,779/- depreciation as double deduction. CIT(A) directed verification of claim's genuineness. Previous case reference: Similar depreciation issue arose in a previous case for the same assessee. Coordinate Bench upheld depreciation claim based on court decisions and jurisdictional High Court ruling. Final decision: ITAT Chennai confirmed CIT(A)'s decision to allow depreciation claim. Both Revenue's appeal and assessee's Cross Objections dismissed. Separate Judgment: Cross Objections filed by assessee dismissed as they only supported CIT(A)'s order. Conclusion: Appeal and Cross Objections both dismissed, confirming depreciation allowance for the assessee.
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