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TMI Blog2013 (12) TMI 1153X X X X Extracts X X X X X X X X Extracts X X X X ..... 2 for the assessment year 2004-05 in proceedings under section 143(3) read with section 147 of the Income-tax Act, 1961 (in short the "Act"). The brief facts of the case are that the assessee is a company engaged in the business of manufacturing of cotton yarn and power generation through renewal energy device, i.e., windmill used for captive power consumption. On October 30, 2004, the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and loss account was also not allowable in view of the case law of Brooke Bond India Ltd. v. CIT [1997] 225 ITR 798 (SC). In response to the aforesaid notice, the assessee put in appearance and defended its claim of depreciation qua the windmills in question. However, the Assessing Officer was not convinced. Therefore, in the reassessment finalised on November 29, 2011, he disallowed the excess d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... led for depreciation regarding windmills at 80 per cent on the analogy that the claim made in the "return" of income filed within the due date of filing is sufficient for exercising the option as required under the second proviso of rule 5(1A) of the Income-tax Rules. Accordingly, he prays for acceptance of the appeal. Per contra, the assessee strongly supports the order of the Commissioner of In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... his, in our opinion, does not form a valid ground so as to take a different view and that too without any distinguishing features pointed out by the Revenue. Therefore, we hold that the Commissioner of Income-tax (Appeals) has rightly accepted the claim made by the assessee qua depreciation at 80 per cent pertaining to the windmills in question. As a sequel to our above discussions, the order of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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