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TMI Blog2015 (11) TMI 850X X X X Extracts X X X X X X X X Extracts X X X X ..... missioner of Income-tax (Appeals)-II, Kanpur has erred in law and on facts in deleting the addition of Rs. 1,49,804 made by the Assessing Officer on account of diversion of interest bearing funds for non-business purposes without appreciat ing the facts brought on record by the Assessing Officer during the course of assessment proceedings." 3. Ground No. 2 is as under : "That the learned Commissioner of Income-tax (Appeals)-II, Kanpur has erred in law and on facts in deleting the addition of Rs. 6,37,468 being interest capitalised by the Assessing Officer on account of use of Jajmau unit funds in Banther unit without appre ciating the facts brought on record by the Assessing Officer during the course of assessment proceedings." 4. The le ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d additional depreciation on effluent plant without appreciat ing the facts brought on record by the Assessing Officer during the course of assessment proceedings." 7. Ground No. 4 is as under : "That the learned Commissioner of Income-tax (Appeals)-II, Kanpur has erred in law and on facts in allowing depreciation and additional depreciation of Rs. 1,53,750 on chrome recovery plant instead of Rs. 44,843.75, which was claimed by the assessee itself in its return of income without appreciating the facts brought on record by the Assessing Officer during the course of assessment proceed ings." 8. The learned Departmental representative for the Revenue supported the assessment order and the learned authorised representative for the assessee s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5,45,394 made by the Assessing Officer on account of excess claim of additional depreciation on reconditioned imported machin ery without appreciating the facts brought on record by the Assessing Officer during the course of assessment proceedings." 11. The learned Departmental representative for the Revenue supported the assessment order and the learned authorised representative for the assessee supported the order of the learned Commissioner of Income-tax (Appeals). 12. We have considered the rival submissions. We find that the learned Commissioner of Income-tax (Appeals) has relied upon a judgment of the hon'ble Punjab and Haryana High Court rendered in the case of CIT v. Hindustan Milk Food Manufacturers Ltd. as reported in [1974 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... upported the order of the learned Commissioner of Income-tax (Appeals). 15. We have considered the rival submissions. We find that the learned Commissioner of Income-tax (Appeals) has relied upon a judgment of the hon'ble Punjab and Haryana High Court rendered in the case of CIT v. Hindustan Milk Food Manufacturers Ltd. as reported in [1974] 96 ITR 278 (P&H) and by the hon'ble apex court rendered in the case of Cochin Company v. CIT as reported in [1968] 67 ITR 199 (SC) where it was held that the machines which were reconditioned with substantially new parts are to be treated as new machines. The learned Commissioner of Income- tax (Appeals) has given a categorical finding that in the facts of the present case, these judgments are ..... X X X X Extracts X X X X X X X X Extracts X X X X
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