2000 (3) TMI 3 - SC - Income Tax

Assessee is a company and maintains accounts on mercantile basis. For the assessment year 1974-75, the assessee did not claim any depreciation. The ITO, however, allowed depreciation - Tribunal was right in coming to the conclusion that the ITO could not grant depreciation allowance to the assessee under the Income-tax Act, 1961, when the same was not claimed by the assessee