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2014 (11) TMI 407 - AT - Income TaxExcess rate of depreciation - energy saving devices – scope the term 'before due date' - according to the AO was assessee has not exercised its option under second proviso to Rule 5(1A) for claiming depreciation under Rule 5(1) and Appendix – 1 before filing the return of income u/s 139(1) - Held that:- The meaning of the term ‘before due date’ shall be understood as it is understood by a man of ordinary prudence - Before due date simply refers and means that not after the expiry of due date - If the requisite act is done before the last day expires then it will simply be said that before due date - When the time of filing the return is available to the assessee till the last moment of the due date then the whole of that day is available to the assessee and due date expires only when the last day is expired - the option exercised on the due date is nothing but before the due date as the same is not after the due date – revenue is not consistent with regard to assessee’s claim of depreciation - Be that as it may, as depreciation claimed by assessee is in terms with the statutory provisions, AO was not justified in interfering with the same – thus, the order of the CIT(A) is upheld – Decided against revenue.
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