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TMI Blog2017 (4) TMI 441X X X X Extracts X X X X X X X X Extracts X X X X ..... ri Niraj Sheth For The Respondent : Shri m.C. Omi Ningshen ORDER PER G.S.PANNU,A.M: The captioned appeal filed by the assessee pertaining to assessment year 2011-12 is directed against an order passed by CIT(A)-20, Mumbai dated 02/02/2012, which in turn, arises out of an order passed by the Assessing Officer under section 143(3) of the Income Tax Act, 1961(in short 'the Act'), dated 24/12/2008. 2. In this appeal assessee has raised the following Grounds of appeal:- " The grounds set out below are without prejudice to one another: 1. The CIT (A) erred in upholding the action of the Assessing Officer in restricting the depreciation on computer software, purchased and forming part of the head "Depository System" @ 25% only ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erred in allowing depreciation on Voltage Regulator @ 60% instead of 80%. The Appellant therefore prays that the ACIT be directed to compute depreciation as per the correct rate of depreciation provided in Appendix I of the Rules applicable for AY 2006-07." 3. In brief, the relevant facts are that the appellant before us is a company incorporated under the provisions of the Companies Act, 1956 and is, inter-alia, engaged in the business of providing depository services. For assessment year 2006-07, it filed a return of income declaring the total income at ₹ 45,95,35,519/-, which was subject to a scrutiny assessment, whereby the total income has been assessed at ₹ 50,60,55,400/- after making certain addition/disallowances. Th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee's own case, we deem it fit and proper to direct the Assessing Officer to allow the depreciation on computer software @ 60%. Accordingly, on this issue assessee succeeds. 7. In so far as Ground of appeal No.2 is concerned, the same relates to disallowance made under section 14A of the Act in relation to the exempted income. The order of the authorities below reveal that during the year under consideration assessee had received exempt income comprising of interest on tax free bonds of ₹ 5,19,57,250/-. The Assessing Officer noticed that since assessee had received exempt income during the year, the provisions of section 14A of the Act were attracted so as to disallow the expenditure incurred in relation to earning of such incom ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nsidered the rival submission, in our view, the estimation of amount disallowable under section 14A of the Act, as made by the CIT(A) is quite reasonable and, therefore, no interference is called for, hence on this ground assessee fails. 11. In so far as Ground of appeal No.3 is concerned, the same is with regard to the issues which were raised by the assessee before CIT(A), but the same have not been adjudicated by him. On this aspect, the limited plea of the assessee was that the matter be restored back to the file of CIT(A) for an adjudication afresh as per law. The Ld. Departmental Representative has not opposed the aforesaid plea of the assessee. 12. After considering the rival stands, we deem it fit and proper to restore the issue r ..... X X X X Extracts X X X X X X X X Extracts X X X X
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