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2016 (8) TMI 1392 - AT - Income TaxDeduction u/s.80IB - assessee fails to file the return of income before the due date specified in section 139(1) - provisions of section 80AC applicability - Held that:- As carefully perused the orders of the authorities below. The undisputed fact is that the return of income for the year under consideration was not furnished on or before the due date as per the provisions of Section 139(1) of the Act. In our considered opinion, provisions of Section 80AC of the Act squarely apply on the facts of the case in hand. We set aside the findings of the ld. CIT(A) and restore that of the A.O. Addition made on account of delay in the deposit of Employee’s contribution - Held that:- We find that the ld. CIT(A) has deleted the addition following the decisions of Hon’ble High Court of Delhi by holding that if Employee’s contribution is deposited before the due date of filing of the return of the same is allowable. On identical issue, the Hon’ble Jurisdictional High Court has decided the matter against the Assessee and in favour of the Revenue in the case of CIT vs. Gujarat State Road Corporation [2014 (1) TMI 502 - GUJARAT HIGH COURT]. With our utmost respect to the Hon’ble High Court of Delhi, we are governed by the Hon’ble High Court of Gujarat, therefore, respectfully following the decision of the Hon’ble Jurisdictional High Court (supra), we set aside the findings of the ld. CIT(A) and restore that of the A.O. Ground no. 3 is accordingly allowed. Claim of depreciation @ 15% - Held that:- We find that the CIT(A) has allowed the claim by holding that electric fittings are eligible to depreciation as plant and machinery. For this proposition, we find that the ld. CIT(A) has followed the decision of the Hon’ble High Court of Rajasthan in the case of RG Ispat Ltd. [2003 (9) TMI 5 - RAJASTHAN HIGH COURT] and also the decision of the Tribunal in the case of Ahmedabad Benches in the case of Marwar Hotels Ltd.[2015 (11) TMI 1194 - ITAT AHMEDABAD].
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