9911796707
TMI Blog1981 (5) TMI 38X X X X Extracts X X X X X X X X Extracts X X X X ..... r the year 1977-78, the departmental representative sought to impugne the order passed under s. 154 for the aforesaid year by the CIT on 7th April, 1980. The revenue was estopped because in an appeal against the substantive order passed in appeal, it could not impugne an order passed under s. 154 although the issues may be the same because both orders being separate and independent of each other p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gainst the ITO's action not to allow depreciation on building on the ground that it was not registered in the name of the appellant company, at the time of its incorporation. It may be pointed out here that the depreciation on this building had already been allowed by the ITO himself in the assessment for the asst. yr. 1976-77 which consisted of a part of the old building which was taken over from ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not only for the asst. yr. 1976-77 but also in the succeeding asst. yr. 1978-79 the depreciation has already been allowed by the ITO himself under these circumstances. The ITO is directed to allow the depreciation on the building for the asst. yr. 1977-78 on the basis of the WDV of the building as under: 1976-77WDV Rs. 25,068 Additions in that year 1,21,354 Total 1,46,422 Less : Depreciati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rly Rajasthan High Court in the case of CIT vs. Amber Corporation (1981) 127 ITR 29 (Raj). Both High Courts have interpreted that the term 'owned by the assessee' does not raised on them nor could they be made subject matter of any dealings. During the relevant previous year for the assessment under consideration, M/s. N.P. International had taken out annuity policy of Rs. 85,000 in favour of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unal considered the issue in favour of the assessee on the basis of following the circular from the CBDT. As such, in our view, since the matter is covered by the circular of the CBDT in favour of the assessee, no referable question of law arises, more so in the light of the recent circular of the CBDT No. 201/146/78-ITA-III dt. 26th Feb., 1980, which also fortifies our conclusion in the case of t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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