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2013 (4) TMI 455 - HC - Income TaxExplanation 5 added the Section 32 of the Income Tax Act, 1961 - Partly disallowance of depreciation - Depreciation to be computed on the basis of actual cost of the assets without reducing the depreciation of earlier years - Held that:- The Tribunal by the impugned order while upholding the order of the CIT(A) records the fact that the parties appearing before it had agreed that the issue of allowing higher depreciation then that claimed in the earlier Assessment Years, was concluded by the decisions of the Coordinate Bench of the Tribunal for the earlier Assessment Year wherein depreciation was allowed only to the extent claimed by the Respondent. We notice that the assessment for the earlier years were final as held by the Tribunal - Therefore, without disturbing the written down value of Plant & Machinery for the earlier years, it would not be possible to change the opening written down value of its Plant & Machinery for the subject Assessment Years - The Explanation 5 added to Section 32 of the Act would be applicable w.e.f. 1st April, 2002 and could not unsettle the Assessment Orders for earlier years which are final and accepted both by the Revenue as well as the Assessee - In these circumstances, the position in law being self evident, as held by the Tribunal - we see no reason to entertain the proposed question of law - All the three appeals are dismissed in favour of Assessee.
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