Depreciation on Assets is allowed, when such assets are kept ready for use - ITAT Delhi.

Last updated: 25 January 2021

Court :
ITAT New Delhi

Brief :
The aforesaid appeal has been filed by the assessee against the impugned order dated 07.09.2017 passed by Commissioner of Income Tax (Appeals)-XXXV, New Delhi forthe quantum of assessment passed u/s. 143(3) for theAssessment Year 2013-14. In the grounds of appeal, the assessee has raised grounds as under:

Citation :
I.T.A. No.6965/DEL/2017

IN THE INCOME TAX APPELLATE TRIBUNAL
DELHI BENCH “C” NEW DELHI

BEFORE SHRI AMIT SHUKLA, JUDICIAL MEMBER
&
SHRI O.P. KANT, ACCOUNTANT MEMBER

I.T.A. No.6965/DEL/2017
Assessment Year 2013-14

Garg Acrylic Ltd.,
A-50/1, Wazipur Industrial
Area, Delhi,
New Delhi.
TAN/PAN: AAACG3332N
(Appellant)

vs.

DCIT, Circle-10(1),
New Delhi.
(Respondent)

Appellant by: Shri Ashwani Kumar, CA & Shri
Rahul Chaurasia, CA
Respondent by: Shri Gurmil Singh, Sr.DR

Date of hearing: 06 01 2021
Date of pronouncement: 22 01 2021

O R D E R

PER AMIT SHUKLA, J.M.:

The aforesaid appeal has been filed by the assessee against the impugned order dated 07.09.2017 passed by Commissioner of Income Tax (Appeals)-XXXV, New Delhi forthe quantum of assessment passed u/s. 143(3) for theAssessment Year 2013-14. In the grounds of appeal, the assessee has raised grounds as under:

“1. The Ld. CIT(A) erred in confirming the disallowance ofDepreciation claimed on the machineries purchased at the endof the year amounting to Rs. 36,35,372/-.

a) Because the assessee has submitted bills of machinerypurchased on 26.02.2013 which were installed on 30.03.2012by engineers of Voltas Ltd. a unit of Tata and the proof of visitfor installation and commissioning of engineers weresubmitted, thus the machine was not only installed & commissioned but also subjected to trial run by Engineers of TATA, that was ignored by the ld. CIT(A).

To know more in details find the attachment file