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2022 (6) TMI 743 - AT - Income TaxRevision u/s 263 - windmills on which higher depreciation @80% was claimed by the assessee - depreciation on windmills installed on or before 31/03/2012 were entitled for higher depreciation @80% - HELD THAT:- It is observed that the benefit of higher depreciation @80% was initially restricted to the windmills installed on or before 31st day of March-2012 as per the specific entry prevalent at the relevant time in Appendix-I to the Income Tax Rules, 1962. The said entry was subsequently amended to make windmills installed on or after the 1st day of April-2014 to be eligible for the benefit of higher depreciation @80%. A careful analysis of both these entries shows that the windmills installed during the period from 01/04/2012 to 31/03/2014 were not entitled for higher depreciation @80% as rightly contended by the Ld.counsel for the assessee and there is nothing to show that the effect or intention of the amendment made was to withdraw the benefit of higher depreciation @80% allowed to windmills installed on or before 31/03/2012 as sought to be contended by the Ld.DR. The windmills installed on or before 31/03/2012 continued to be eligible for the benefit of higher depreciation @80% even for AY 2013-14 and the subsequent years and there is nothing to show or even suggest the said benefit was withdrawn or discontinued from AY 2013-14 onwards. Since the windmills on which higher depreciation @80% was claimed by the assessee for the year under consideration had been undisputedly installed by the assessee on or before 31/03/2012, we are of the view that the assessee-company was entitled for higher depreciation @80% on the said windmills for the year under consideration and there being no error in the order of the Assessing Officer passed u/s.143(3) allowing depreciation at higher rate of 80% on the said windmills, the Ld. Pr.CIT is not justified to revise the same vide his impugned order passed u/s.263 of the Act. In view of that matter, we set aside the impugned order passed by the Ld. Pr.CIT u/s.263 of the Act and restore that of the Assessing Officer passed u/s.143(3) of the Act. Appeal of assessee allowed.
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