9911796707
TMI Blog1982 (4) TMI 153X X X X Extracts X X X X X X X X Extracts X X X X ..... is a partner in the firm M/s Shelly Products, Bhopal. Certain additions were made in the Income-tax computation of that firm and the share of the assessee as per allocation was enhanced. In the Wealth-tax assessment, enhanced share of profit was added in the hands of the assessee. The case of the assessee is that the addition cannot be made as there was no asset as such as far as the intangible a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aim for depreciation at cent per cent and since cent per cent depreciation was allowed, the entire value of the asset went out and disappeared ultimately from the balance sheet. According to the ld. D.R., the disappearance of the particular asset from the balance sheet does not mean that the asset was no longer in existence as on the valuation date. It is stated that the asset consisted of tempora ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sufficient justification for the AAC to delete the same, particularly when the WTO himself did not apply r. 2B as claimed. It is submitted that how at this stage the Department could take a different stand altogether, In this connection reliance is placed on the order of the Appellate Tribunal in the case of other partner of the firm, being WTA Nos.19 20/Ind/81 decided on 10th Feb., 1981 in whi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is we agree with the assessee s ld. Counsel that the Department cannot make out a new case at this stage. Be that as it may, from the facts available in the present appeal, the addition made by the WTO was not supported by adequate materials and the AAC has rightly deleted the addition on reasons recorded by him in the appellate order. We find no infirmity in his order to justify our interference. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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