9911796707
TMI Blog2014 (4) TMI 665X X X X Extracts X X X X X X X X Extracts X X X X ..... The sole grievance of the Revenue is that the Ld. CIT(A) erred in law in allowing depreciation on BSE card. 3. At the very outset, the Ld. Counsel for the assessee submitted that this issue has been decided by the Tribunal in assessee's own case for A.Y. 2006-07 against the assessee in ITA No. 4228/M/09. 4. We have carefully considered the orders of the lower authorities and the decision of the Tribunal in ITA No. 4228/M/09. We find that in that year the Ld. Counsel for the assessee conceded the issue in favour of the Revenue relying upon the decision of the Tribunal in the case of Sino Securities Pvt. Ltd. 134 ITD 321 (Mum) and Suinidhi Consultancy Services Ltd. Vs DY. CIT 50 SOT 223. Facts being identical, following the decisions of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 2006-07 wherein a similar disallowance was confirmed by the Ld. CIT(A) and dismissed the appeal of the assessee. 8. Aggrieved by this, the assessee is before us. The Ld. Counsel for the assessee strongly submitted that the issue is squarely covered in favour of the assessee by the decision of the Hon'ble Supreme Court in the case of Woodward Governor India Pvt. Ltd (supra). The Ld. Counsel for the assessee also relied upon the decisions of the Mumbai Bench in the case of ECL Finance Ltd. in ITA Nos. 6612, 7656, 6607 and 6609/M/2011 and Edelweisse Capital Ltd in ITA No. 5324/M/07. 9. The Ld. Departmental Representative strongly contended that the issue is not covered in favour of the assessee. On the contrary, there are decisions of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to find out if an expenditure is deductible, the following factors have to be taken into account (i) whether the system of accounting followed by the assessee is mercantile system, which brings into debit the expenditure amount for which a legal liability has been incurred before it is actually disbursed ana brings into credit what is due, immediately it becomes due and before it is actually received; (ii) whether the same system is followed by the assessee from the very beginning and if there was a change in the system, whether the change was bona fide,' (iii) whether the assessee has given the same treatment to losses claimed to have accrued and to the gains that may accrue to it; (iv) whether the assessee has been consistent and definite ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
