DCIT vs. M/S Jupiter Capial Pvt. Ltd
In the result, appeal of the Revenue is partly allowed
ITA 1595/BANG/2013[2010-11]Status: DisposedITAT Bangalore13 Dec 2019AY 2010-11
Bench: Shri A. K. Garodia & Shri Pavan Kumar Gadaleassessment Year : 2010-11 Dcit, Circle 11(5), M/S. Jupiter Capital (P) Ltd., Bengaluru-560001. No. 54, Richmond Road, Vs. Bengaluru-560025. Pan : Aabcj 5666 R Appellant Respondent Revenue By : Shri. Pradeep Kumar, Jcit (Dr)(Itat), Bengaluru Assessee By : Smt. Pratibha, Advocate Date Of Hearing : 13.11.2019 Date Of Pronouncement : 13.12.2019
For Appellant: Smt. Pratibha, AdvocateFor Respondent: Shri. Pradeep Kumar, JCIT (DR)(ITAT), Bengaluru
Section 14ASection 36(1)Section 36(1)(iii)
…. Once the assessee can establish bona fide use of the machinery for the purposes of its business, then and in that event, the assessee establishes its right to claim depreciation. iii) The High Court of Andhra Pradesh in CIT v. Orient Longman (P) Ltd. (1997) 227 ITR 68 (AP) held as follows: To claim depreciation under section 32 in respect of buildings, machinery, plant or furniture, one of the conditions to be fulfilled is that they must be owned by the assessee. The requirement of ownership will be deemed to be fulfilled if the assessee has the dominion and control over the property in his own right and not in…
