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TMI Blog2013 (11) TMI 1443X X X X Extracts X X X X X X X X Extracts X X X X ..... pect of the income part. The assessee has rightly shown 50% of the amount received as assessee has received 50% towards purchase price and 50% towards lease income - Decided against Revenue. Unexplained cash credit - Held that:- The assessee has not taken any deposits from the said 5 parties but has made repayment of deposits taking in the earlier years - The repayment was made by cheques - The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in holding that the depreciation u/s. 32 should be allowed on mere purchase of the asset within the relevant previous year, even if there is no material produced by the assessee to evidence user of the asset for business purposes? (C) Whether on the facts and circumstances of the case, the appellate Tribunal is justified in accepting the assessee's plea that 50% of the amount paid by the hir ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d on its earlier judgment of the assessee's own case in ITA.No.1365/H/1983 and decided the issue, which reads as follows: "We follow the above decision of the ITAT and in the light of that allow depreciation on all the four trucks as the trucks were given to hirers on the same date when they were purchased and taken delivery. In other words the trucks were used for the purpose of assessee's b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e. Therefore, same is not liable to be taxed. The addition of Rs.2,62,583/- is deleted." While deciding ground No.3 with regard to sustenance of addition of unexplained credit of Rs.1 lakh under Section 68 of the Act, the learned Tribunal on fact found that this credit of Rs.1 lakh was properly explained and therefore the addition was deleted. This fact finding cannot be upset by this Court in e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the part of the firm. Hence, it cannot be legally correct to assess this amount as unaccounted income of the firm. In the absence of any contrary material brought on record by the revenue against the aforesaid finding of the learned CIT(A) and keeping in view that the repayment was made by cheques, we are of the view that the learned CIT(A) was fully justified in deleting the addition made by the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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