Home Case Index All Cases Income Tax Income Tax + SCH Income Tax - 2023 (6) TMI SCH This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2023 (6) TMI 1179 - SCH - Income TaxDepreciation allowed as per its original return of income u/explanation-5 to clause (ii) of Section 32(1) inserted vide Finance Act - HELD THAT:- Relying upon the decision of this Court in the case of Commissioner of Income Tax vs. Mahendra Mills [2000 (3) TMI 3 - SUPREME COURT] the High Court has dismissed the Appeals preferred by the Revenue. Revenue has heavily relied upon Explanation 5 to Section 32(1) of the Income Tax Act, 1961. We are of the opinion that, in the facts and circumstances of the case, Explanation 5 to Section 32(1) shall not come to the rescue of the Revenue.
|