9911796707
TMI Blog2010 (3) TMI 1188X X X X Extracts X X X X X X X X Extracts X X X X ..... T(A)-I, Surat dated 31-01-2007 for assessment year 2004-05 on the following ground: 1. On the facts and circumstances of the case as well as on law on the subject, the learned CIT(Appeals) has erred in confirming the action of Assessing Officer in allowing depreciation at rate of 25% instead of 50% as claimed by assessee on machinery purchased under TUF scheme . 2. The assessee is engaged i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... heme and the assessee had obtained loan under TUF scheme and, therefore, higher rate of depreciation is allowable. The AO has however, allowed normal depreciation of 25%. The learned CIT(A) confirmed the order of the AO. 3. The learned Counsel for the assessee submitted that the issue is covered by the order of ITAT B Bench, Ahmedabad in the case of Nangalia Synthetics Pvt. Ltd. in ITA No.2213/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 128/Ahd/2008 dated 18-02-2009 relating to AY 2005-06. The issue raised by the assessee in this appeal is similar to that of the case of Bipinchandra Mohanlal Gajjar (supra). Respectfully following the order of the Tribunal in the case of Bipinchandra Mohanlal Gajjar (supra), we hold that since admittedly, the twisting machine was used by weaving sector of textile industry, depreciation on the said ..... X X X X Extracts X X X X X X X X Extracts X X X X
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