2010 (8) TMI 67

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..... ion was out of capital work in progress outstanding in the books as on 31st March, 1996 under the head "fixed assets" - the money was in fact spent by the assessee in purchasing of those "fixed assets" - order of CIT(A) and ITAT allowing depreciation maintained. - 1107 & 1108 of 2006 - - - Dated:- 25-8-2010 - CORAM : THE HON'BLE MR. JUSTICE A.K. SIKRI THE HON'BLE MS. JUSTICE REVA KHETRAPAL .....

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..... ITAT was justified in law in allowing depreciation on fixed assets to the extent of Rs. 66.26 lacs despite the assessee failing to produce the requisite evidence in this regard before the Assessing Officer.?" 4. The order of the Assessing Officer reveals that the assessee had made substantial claim for depreciation. The assessee was required to produce the purchase vouchers to substantiate its c .....

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..... at the vouchers for all fresh purchases during the relevant years were furnished to the Assessing Officer and the balance addition was out of capital work in progress outstanding in the books as on 31st March, 1996 under the head "fixed assets". From the reading of the order of the Tribunal as well as that of the CIT (A), it becomes clear that while accepting the contention of the assessee, there .....

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