Commissioner of Income Tax vs India Cement Ltd.

N.K. Jain, C.J.—This appeal is filed against the order of the Income Tax Appellate Tribunal, Madras Bench "C" dated June 28, 1999, in I. T. A. No. 906/Mds of 1992. According to counsel, the question of law involved in this appeal is :

"Whether, on the facts and in the circumstances of the case, the Appellate Tribunal is right in law in holding that the assessee was entitled to depreciation on the flats Nos. 605, 605A and 606 at Som Datt Chambers II, Bhikaji Cama Place, New Delhi, u/s 32 of the Income Tax Act, 1961 ?"

We have heard learned counsel for the appellant and perused the materials on record. Once there is an agreement and possession has also been taken in view of the said agreement, one is entitled for depreciation. In the instant case, the possession of flat has already been taken. As such, no substantial question of law is involved. That apart, the point in issue had already been set at rest by the decision of the court in M/s Mysore Minerals Limited, M.G. Road, Bangalore Vs. The Commissioners of Income Tax, Karnataka, Bangalore, . Under the circumstances, we do not find any reason to take a different view from that case. The tax case appeal is dismissed.