Tribunal held that merely on the basis of statement made in the course of survey depreciation cannot be disallowed when the assessee has produced the reconciliation chart of plant and machinery with Dalal Mott Macdonald report were also submitted to the effect that machines were very much there and inspection was duly carried out by the surveyor. And Valuation Report certificate dated 26.05.2003 wherein before granting loan IDBI Bank carried out inspection and Valuation Report was duly prepared wherein details of all the machines were given. (AY.2002-03, 2005-06)
Shree Rama Multi-Tech Ltd. v. Dy.CIT (2020) 185 DTR 163 /203 TTJ 129 (Ahd.)(Trib.)
S. 32 : Depreciation–Survey–Statement on oath-Merely on the basis of statement made in the course of survey-Depreciation cannot be disallowed. [S. 133A]