2009 (2) TMI 630

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..... r the Respondent. [Order per : Jyoti Balasundaram, Vice-President]. -  In this case, the assessees who are engaged in the manufacture of cotton yarn, took credit of duty paid on capital goods/spares in the month of November, 1996 after declaring that they would not claim depreciation under the provisions of Section 32 of the Income Tax Act on that part of the value of the goods which repres .....

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..... tax Return filed in the subsequent year, they have deducted the duty element in question which would mean that the depreciation though initially claimed, had not been availed, and hence it is not a case of double benefit to the assessees. He also relied upon the Chartered Accountant's letter dated 23-4-2001 to the above effect. Hence this appeal by the Revenue. 2. On hearing both sides and n .....

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