The Commissioner Of Income Tax v. M/S.chemidye Mfg. Co.pvt.ltd

IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.737 OF 2008 The Commissioner of Income Tax, Vs. M/s.Chemidye Mfg. Co.Pvt.Ltd. ..Appellant ..Respondent Mr.Parag Vyas for the Appellant.Mr.S.S.Shetty for the Respondent. P.C. P.C. P.C. CORAM :- DR.S.RADHAKRISHNAN &S.J.KATHAWALLA, JJ.DATE : 9TH SEPTEMBER, 2008 1.Heard the learned Counsel for the parties. In the above, the Appellant is seeking to raise the following substantial question of law: a. Whether on the facts and in circumstancesof the case, the Hon’ble Tribunal arejustified in law in confirming the order ofthe CIT (A) in directing the Assessing Officerto allow depreciation on Rs.60,47,000/- inrespect of purchase of assets fromM/s.Thirumalai Chemicals Limited (TCL) eventhough the Assessing Officer had rightlyinvolved the provisions of Explanations (3) tosection 43(1) of the Income Tax Act, allowingdepreciation only on Rs.3,94,746/-? 2.We have perused the order dated 16thNovember,2007 passed by the Income Tax AppellateTribunal, especially paragraph Nos.8 and 9 of the saidorder. In the said order, the Tribunal has given thedetailed reasons concurring with the findings of theCommissioner of Income Tax (A), clearly holding that not find any substantial question of law in the above. Hence, the Appeal stands dismissed. (S.J.KATHAWALLA,J.) (DR.S.RADHAKRISHNAN,J.)