THE AMARAVATI ZILLA PARISHAD TECHERS CO-OPRATIVE BANK LTD,NAGPUR vs. INCOME TAX OFFICER,WARD -4, AMARAVATI

ITA 339/NAG/2012Status: DisposedITAT Nagpur27 March 2019AY 2007-084 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal, after considering the dissenting opinions and a reference to a three-member bench, ultimately agreed with the Accountant Member. The majority view allowed the assessee's claim for depreciation on Government Securities.

What were the facts?

The assessee claimed depreciation of Rs. 80,00,000/- on the valuation of Government Securities. The Assessing Officer disallowed this claim, and the CIT(Appeals) upheld the disallowance. The matter reached the ITAT, where initially there was a difference of opinion between the members, leading to a reference to a Third Member.

What were the issues?

The primary issue was whether the assessee was entitled to claim depreciation on the valuation of Government Securities. This involved interpreting the allowability of such depreciation.

Which sections of the Income-tax Act were involved?

Not explicitly mentioned in the provided text, but related to disallowance of depreciation claims.

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, NAGPUR BENCH, NAGPUR

Before: SHRI D. KARUNAKARA RAO, AM & SHRI VIKAS AWASTHY, JM

For Appellant: Shri Kapil Hirani
For Respondent: Shri U.U. Kasar

PER VIKAS AWASTHY, JM :

This appeal by the assessee is directed against the order of Commissioner of Income Tax (Appeals)-II, Nagpur dated 10-01-2012 for the assessment year 2007-08. 2. Multiple grounds were raised by the assessee against the single issue of disallowance of depreciation Rs.80,00,000/- on the valuation of Government Securities. The appeal was hea

The order continues below.

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