TMI Blog2014 (10) TMI 788X X X X Extracts X X X X X X X X Extracts X X X X ..... ction 139(1) of the Income Tax Act and the form prescribed therein make a provision for exercising an option in respect of the claim of depreciation, no separate procedure is required – Decided against revenue. Unexplained cash credit u/s 68 – Held that:- The Tribunal rightly upheld the order of the CIT(A) that the assessee was able to produce documents and the details of repayment made through cheque - assessee had also furnished identity of persons with complete details of addresses and the FD applications showing details – thus, the order of the Tribunal is upheld – Decided against revenue. - Tax Case (Appeal) No. 559 of 2014 - - - Dated:- 27-10-2014 - R. Sudhakar And R. Karuppiah,JJ. For the Appellant : Mr. T. R. Senthilkum ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... separately v) Whether based on the material available before the Income Tax Appellate Tribunal, it could have come to the conclusion that the assessee has explained the credits to the satisfaction of the assessing officer and therefore the addition under Section 68 is not warranted 2. The issue involved in this Tax Case (Appeal) is two-fold. The first issue relates to the claim of depreciation by the assessee on the installation of windmill, which according to the Revenue is contrary to Rule 5(1A) Appendix 1A of the Income Tax Rules. 3. Learned Standing counsel appearing for the Revenue submits that the above-said issue is covered by a decision of this Court dated 09.09.2014 made in T.C.(A)Nos.330 of 2013 etc. batch. 4. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vation of building on leased premises as revenue expenditure. The Assessing Officer disallowed the same, but allowed 10% depreciation. Apart from that, the Assessing Officer made additions towards unexplained fixed deposits under Section 68 of the Income Tax Act. On appeal, the Commissioner of Income Tax (Appeals), after analysing the documents filed by the assessee, allowed the appeal filed by the assessee, which was confirmed by the Income Tax Appellate Tribunal. 7. The Tribunal, after perusing the order of the Commissioner of Income Tax (Appeals) agreed with the contention of the assessee and held in favour of the assessee. For better clarity, the relevant portion of the order of the Tribunal reads as follows: 16. The second ..... X X X X Extracts X X X X X X X X Extracts X X X X
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