- 1 - IN THE HIGH COURT OF JUDICATURE AT BOMBAY O.O.C.J. INCOME TAX APPEAL NO.283 OF 2008 ----------------------------------------------------- Office Notes, Office Memoranda of Coram, Court’s or Judge’s appearances, Court’s orders order or directions ----------------------------------------------------- ¦ Mr.P.A.Vyas for the Appellant. ¦ Mr.Kanga with Mr.A.K.Jasani for ¦ the Respondent. ¦ ¦ ¦ CORAM: D.K.DESHMUKH & ¦ J.P.DEVADHAR, JJ. ¦ DATED: 7TH AUGUST, 2008 P.C.: Reframed questions of law are taken on record and marked "X" for identification. Heard the learned Counsel for both sides. The findings which have been recorded by the tribunal are really based on the finding of fact recorded concurrently by the Appellate Commissioner and the Tribunal. - 2 - After having heard the learned Counsel for both sides and after having gone through the record, we do not find that there is any law which entitles the department to allow only 50% depreciation on the assets. It has come on record that the asseessee has claimed depreciation on the assets only during the year he actually reassessed. So far as argument in relation to provisions of Section 14A of the Act is concerned, it is obvious from the order of the tribunal that this point was not argued before the tribunal. Therefore, it cannot be argued here for the first time. Appeal is, therefore, disposed of. (D.K.DESHMUKH, J.) (J.P.DEVADHAR,J.)