Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2012 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2012 (10) TMI 560 - AT - Income TaxDepreciation on the assets of an undertaking engaged in generation or generation and distribution of power - Held that:- Charging of Depreciation @80% on opening value and the value added on due date in the return of income along with audit report and books of account wherein the assessee has adopted the rate as prescribed under second proviso to rule 5(1A) is justified as he complies with time limit as prescribed u/s 5(1A). As decided by Court in case of [K.K.S.K. Leather Processors (P) Ltd.2011 (3) TMI 72 - CESTAT, CHENNAI] that the appellant is entitled to enhanced rate of depreciation and the AO has incorrectly restricted it to 7.69%. The AO is therefore directed to allow the enhanced rate of depreciation to the appellant. The appeal of the appellant is therefore allowed - in favour of assessee.
|