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TMI Blog2015 (10) TMI 1430X X X X Extracts X X X X X X X X Extracts X X X X ..... - Decided in favour of assessee. Disallowance of depreciation in respect of Tudou plant - Held that:- Admittedly, after the concept of block of assets for the purpose of depreciation, if any part of the plant and machinery falling within the block is put to use during the relevant assessment year, then, the depreciation becomes eligible for the said block of assets. Admittedly, the dry plant o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ppeal filed by the Assessee against the order of ld. CIT(A), Panaji in ITA No. 41/MRG/2008-09 dt. 28.10.2013 for the A.Y 2006-07. Shri Mihir Naniwadekar, Advocate represented on behalf of the Assessee and Shri M.R. Bangari, ld. DR represented on behalf of the Revenue. 2. It was submitted by the ld. AR that ground nos. 2.1 to 2.5 of the Assessee's appeal was against action of the ld. CIT(A) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... noticed that the issue as to whether goodwill is an asset within the meaning of Sec. 32 of the Income Tax Act and depreciation is allowable on the same, in view of the decision of the Hon'ble Supreme Court in the case of SMIFS Securities Ltd. referred to supra, the AO is directed to allow the claim of depreciation on the said intangible asset as claimed by the Assessee. In the result, ground ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unning of the dry plant had been produced before the AO and the ld. CIT(A). It was the submission that as the dry plant of the Tudou plant had been used and as the asset fell within the block of assets, depreciation was liable to be allowed. The ld. AR drew our attention to the order of the ld. CIT(A) and the AO wherein the AO and the ld. CIT(A) have recognized the usage of the dry plant. 6. In ..... X X X X Extracts X X X X X X X X Extracts X X X X
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