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2017 (3) TMI 1337 - HC - Income TaxRevision u/s 263 - additional depreciation under Section 32(1)(iia) on windmill - Held that:- The aforesaid issue is now not res integra and the same is concluded by the Division Bench of this Court against the revenue in view of the decision of the Division Bench of this Court in the case of Diamines & Chemicals Ltd.(2013 (12) TMI 373 - GUJARAT HIGH COURT ). The aforesaid is not disputed by Shri K.M. Parikh, learned advocate appearing on behalf of the revenue that while passing the impugned judgment and order the learned tribunal has relied upon the binding decision of the Division Bench of this Court in the case of Diamines & Chemicals Ltd.(Supra). Under the circumstances, the learned tribunal has rightly quashed and set aside the order passed by the learned Commissioner with respect to additional depreciation Allowing the assessee to debit on obsolete spares and stores and other items written off - Held that:- The learned tribunal has specifically observed after considering the Companies policy and accounting treatment of obsolete spares and stores written off and the consistent practice followed by the assessee, items of stores and spares having individual value of ₹ 10000 or less were debited only at the time of consumption. The learned tribunal has rightly held that the Assessing Officer is justified in accepting he claim of the assessee in debiting ₹ 92,66,211/- from the Profit and Loss Account. Under the circumstances, the learned tribunal has observed that the order passed by the Assessing Officer cannot be said to be prejudicial to the interest of the revenue, and therefore, the Commissioner was not justified in interfering with the order passed by the Assessing Officer in exercise of powers under Section 263 of the Act.
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