Aditya Birla Money Ltd. v. Dy. CIT

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The Tax Publishers2020 TaxPub(DT) 0207 (Chen-Trib)

INCOME TAX ACT, 1961

Section 32

In assessee's own case [[I.T.A.No.1162/Mds/2015, I.T.A.No.1452/Mds/2015, I.T.A. Nos. 1745, 1746, 1747, 1748 and 1749/Mds/2013, dt. 10-5-2016]], Tribunal had decided the issue on allowability of depreciation on office equipments in favour of assessee. Thus, depreciation @ 15% was allowed on Office Equipments.

Depreciation - Rate - Depreciation on office equipment -

Assessee was engaged in business of stock broking and insurance. AO inter alia restricted the depreciation on office equipment to 10%, instead of 15% as claimed by the assessee. CIT(A) confirmed the addition made by AO on office equipment on the ground that nature of items comprised under this head are more in the nature of electrical fittings and installations eligible for depreciation @ 10% and not plant and machinery on which depreciation of 15% is permissible. Held: In assessee's own case [[I.T.A.No.1162/Mds/2015, I.T.A.No.1452/Mds/2015, I.T.A. Nos. 1745, 1746, 1747, 1748 and 1749/Mds/2013, dt. 10-5-2016]], Tribunal had decided the issue on allowability of depreciation on office equipments in favour of assessee. Thus depreciation @ 15% was allowed on Office Equipments.

REFERRED :

FAVOUR : In assessee's favour

A.Y. :

IN THE ITAT, CHENNAI BENCH