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2014 (5) TMI 72 - AT - Income TaxRestriction of depreciation on windmills – Disallowance of claim of higher depreciation – Held that:- The decision in KKSK Leather Processors (P.) Ltd. v. ITO [2009 (11) TMI 556 - ITAT MADRAS-D] followed - filing of audit report within the due date amounts to exercising option as required under the second proviso to Rule 5(1A) of Income-tax Rules for claiming higher depreciation - when there is no specific form or method prescribed for exercising the said option for claiming higher depreciation, then the claim made in the return of income as well as reflected in the books of account and audit report filed along with the return of income is more than the exercise of option as required under the second proviso to Rule 5(1A) of Income Tax Rules - exercising option by filing audit report before the due date for filing of return for claiming higher depreciation on the windmills, the assessee is entitled for higher depreciation even though the return was filed belatedly – thus, the matter is remitted back to the AO for verification - Decided in faovur of Assessee.
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