WADIA GHANDY & CO.,MUMBAI vs INCOME TAX OFFICER 16(3)(5), MUMBAI

Income Tax Appellate Tribunal, MUMBAI BENCH “G” MUMBAI

Before: SHRI PAWAN SINGH & SHRI N.K. PRADHAN

For Appellant: Mr. Parth Desai, AR

For Respondent: Mr. S.K. Mishra, Sr. DR

Hearing: 19/03/2019Pronounced: 27/03/2019

ORDER

PER N.K. PRADHAN, AM

This is an appeal filed by the assessee. The relevant assessment year is 2014-15. The appeal is directed against the order of the Commissioner of Income Tax (Appeals)-7, Mumbai [in short ‘CIT(A)’] and arises out of the assessment completed u/s 143(3) r.w.s. 147 of the Income Tax Act 1961, (the ‘Act’).

The grounds of appeal

filed by the assessee read as under:

1. The Ld. CIT(A) was not justified in confirming the Assessing Officer’s action of disallowance of depreciation on tenancy rights of Rs.2,72,076/-.

2. The Ld. CIT(A) failed to appreciate that tenancy rights were a form of license.

WADIA GHANDY & CO.,MUMBAI vs. INCOME TAX OFFICER 16(3)(5), MUMBAI