2012 (11) TMI 1326

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..... r the Department : Dr. S. Moharana, IRS, CIT. ORDER Per Dr. O.K. Narayanan, Vice-President These are cross appeals filed by the assessee and the Revenue for the assessment year 2003-04. They are directed against the order of the Commissioner of Incometax(Appeals)-IV at Chennai, dated 16-9-2011. They arise out of the assessment completed under section 143(3), read with section 147 o .....

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..... he assessee is that the Commissioner of Income-tax(Appeals) has erred in treating the project asset developed by the assessee as building , instead of plant , as claimed by the assessee for the purpose of depreciation under section 32 of the Income-tax Act, 1961. It is to be seen that the Commissioner of Income-tax(Appeals) has just followed the order of the Income-tax Appellate Tribunal, A-Benc .....

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..... 4. Now, coming to the appeal filed by the Revenue, the ground is that the Commissioner of Income-tax(Appeals) has erred in allowing the depreciation claim of the assessee on project assets at the rate of 10% applicable to buildings. It is the case of the Revenue that the assessee is not entitled for any amount of depreciation, as the assessee is not the owner of the asset built in by it. But, .....

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