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2015 (2) TMI 680 - HC - Income TaxDepreciation claim - Manner in which option to be exercised under Rule 5(1A) - return of income filed by the assessee under section 139(1) of the Income-tax Act claiming depreciation can be treated as exercising of option before the due date as prescribed in the second proviso to rule 5(1A) of the Income-tax Rules as held by tribunal - Held that:- A reading of the decision of CIT v. Vijaya Hirasa Kalamkar (HUF) [1992 (9) TMI 4 - BOMBAY High Court] makes it clear that if the the option in terms of the second proviso to rule 5(1A) of the Income-tax Rules at the time of furnishing of return of income, it will suffice and no separate letter or request or intimation with regard to of exercise of option is required. Since the returns are filed in accordance with section 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, as contended by the Department. We are in agreement with the reasoning of the Tribunal.- Decided in favour of the assessee.
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