TITANOR COMPONENTS LTD.) vs. CIT AND ANOTHER

ITA/190/2002HC Delhi22 December 201415 pages
AI SummaryDismissed

What did the High Court hold?

The Tribunal dismissed the assessee's appeals, upholding the lower actual cost determined by the Assessing Officer based on the surveyor's report. The High Court found no merit in the assessee's submission that depreciation should be allowed on the actual cost incurred.

What were the facts?

The assessee acquired a running business, including fixed assets, from M/s Wimco Ltd. for a total consideration. The Assessing Officer, relying on a surveyor's report (appointed by the assessee), determined a lower actual cost for these assets than what the assessee claimed.

What were the issues?

Whether the Tribunal was correct in relying on a surveyor's report to determine the actual cost of assets acquired, for the purpose of depreciation.

Which sections of the Income-tax Act were involved?

Section 32,Section 43(6),Section 43(1)

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ITA No. 190 & 191/2002 * IN THE HIGH COURT OF DELHI AT NEW DELHI Judgment reserved on August 28, 2014 Judgment delivered on December 22, 2014

+

INCOME TAX APPEAL NO. 190/2002

DE NORA INDIA LIMITED (EARLIER KNOWN AS M/S

TITANOR COMPONENTS LTD.) ..... Appellant

Through Mr. C.S. Jain and Mr. G. Tushar Rao, Advocates.

versus

CIT AND ANOTHER

..... Respondent Through Mr. Sanjeev Sabharwal, Sr. Standing Counsel & Ms. Swati Thapa, Advocates.

INCOME TAX APPEAL NO. 191/2002

DE NORA INDIA LIMITED (EARLIER KNOWN AS M/S

TITANOR COMPONENTS LTD.)

..... Appellant Through Mr. C.S. Jain and Mr. G. Tushar Rao, Advocates.

versus

CIT AND ANOTHER

..... Respondent Through Mr. Sanjeev Sabharwal, Sr. Standing Counsel & Ms. Swati Thapa, Advocates.

CORAM: HON'BLE MR. JUSTICE SANJIV KHANNA HON'BLE MR. JUSTICE V. KAMESWAR RAO

V. KAMESWAR RAO, J.

1.

These two appeals filed by the assessee DENORA India Ltd. (earlier known as M/s Titanor

The order continues below.

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