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2015 (10) TMI 2106 - AT - Income TaxAdditional depreciation on wind mill - assessee had made a claim in the revised computation of income statement filed before completion of assessment proceedings - Held that:- Admittedly, the assessee had missed the bus in the opportunity provided to him by the statute by filing the revised return within the time limit prescribed u/s 139(5) of the Act. However, that does not prevent the assessee from making its legitimate claims and its doors are not completely shut. The decision in the case of Goetze India Limited [2006 (3) TMI 75 - SUPREME Court] clearly states that consideration of the valid claim of the assessee other than by way of a valid return can be entertained by the appellate authorities and more so the ITAT. The Hon’ble Supreme Court in the case of CIT vs Kanpur Coal Syndicate (1964 (4) TMI 18 - SUPREME Court) had held that the powers of CIT(A) is co-terminus with that of the AO; that the First Appellate Authority has wider powers, in that “he can do what the ITO can do and can also direct him to do what he failed to do. “ . The question of limitation on the ld. AO would have no relevance in view of the wider powers of the First Appellate Authority. Reliance in this regard is placed on the decision of the Hon’ble Allahabad High Court in the case of Smt. Raja Rani Gulati vs CIT reported in (2011 (10) TMI 78 - Allahabad High Court ). We also find that the veracity of the claim of additional depreciation on wind mill was never disputed by the ld. AO. It is also seen that there was a specific query raised by the ld. AO during the course of assessment proceedings on the depreciation issue. The addition was made on the sole ground that no plausible explanation was offered by the assessee regarding the fact why it had not claimed the same in the revised return filed by him. We find that this issue on merits is now settled in favour of the assessee by the following decisions of the Hon’ble Madras High Court in the case of CIT vs VTM Limited [2009 (9) TMI 35 - MADRAS HIGH COURT]. Thus we allow the claim of additional depreciation on wind mill to the assessee - Decided in favour of assessee.
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