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TMI Blog2015 (10) TMI 1424X X X X Extracts X X X X X X X X Extracts X X X X ..... ng which were lateron handed over to the Rajasthan Housing Board. These were part and partial of the project, thus, the construction expenses has to be allowed as revenue expenditure. The assessee preferred to do in two installment by claiming 50% depreciation in two different assessment year when the project was in existence. In view of these facts, we affirm the stand of the ld. Commissioner of Income Tax (Appeals) on this issue in granting relief with respect to claim of depreciation, thus, the appeal of the Revenue is having no merit. Addition made on accrued interest on fixed deposit - AO disallowed a sum on the ground that the accrued interest on F.Ds was not accounted for in the books of accounts by the assessee - Held that:- If t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2/Mum/2012) wherein the effective ground raised pertains to allowing depreciation of school building, labour huts, store building etc. the crux of arguments advanced by Shri Premanand J. ld. DR is identical to the ground raised by submitting that these assets were not owned by the assessee and further the agreement with the Rajasthan Housing Board does not mention such construction. On the other hand Shri Prakash K. Jotwani, ld. counsel for the assessee defended the conclusion arrived at in the impugned order. 2.1 We have considered the rival submissions and perused the material available on record. If the observation made in the assessment order, leading to addition made to the total income, conclusion drawn in the impugned order, mater ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... irm the stand of the ld. Commissioner of Income Tax (Appeals) on this issue in granting relief with respect to claim of depreciation, thus, the appeal of the Revenue is having no merit, consequently, the appeal is dismissed. 3. Now we shall take up the appeal of the assessee (ITA No. 4993/Mum/2012), wherein confirming the addition of ₹ 11,62,358, made on accrued interest on fixed deposit, allegedly not accounted in the books of account has been challenged. The learned Counsel for the assessee advanced his arguments which are identical to the ground raised. On the other hand, the learned D.R. defended the confirmation of addition by the learned Commissioner of Income Tax (Appeals). 4. We have considered the rival submissions and ..... X X X X Extracts X X X X X X X X Extracts X X X X
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