2015 (10) TMI 2858

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..... tors, which was the main source of revenue for the Assessee. Maintenance contracts for 1001 elevators which were under warranty period were expected to start yielding revenue once the warranty period expired. The ITAT has, in the impugned order, rightly noted that since the maintenance portfolio was purchased by the Assessee as part of the purchase by way of slump-sale , it constituted the basic i .....

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..... wal, Senior standing counsel with Ms. Lakshmi Gurung, Junior standing counsel and Ms. Radhika Gupta, Advocate. For the Respondent : Mr. Rajan Bhatia, Advocate. ORDER 1. This appeal by the Revenue under Section 260A of the Income Tax Act, 1961 ( Act ) is directed against the impugned order dated 29th August 2014 passed by the Income Tax Appellate Tribunal ( ITAT ) in ITA Nos. 153 154/Del/2008 for t .....

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..... yielding revenue once the warranty period expired. The ITAT has, in the impugned order, rightly noted that since the maintenance portfolio was purchased by the Assessee as part of the purchase by way of slump-sale , it constituted the basic income earning apparatus and was therefore entitled to depreciation under Section 32 (1) (ii) of the Act. 5. The Court finds that the decision of this Court in .....

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