TMI Blog2014 (5) TMI 72X X X X Extracts X X X X X X X X Extracts X X X X ..... rcise of option as required under the second proviso to Rule 5(1A) of Income Tax Rules - exercising option by filing audit report before the due date for filing of return for claiming higher depreciation on the windmills, the assessee is entitled for higher depreciation even though the return was filed belatedly – thus, the matter is remitted back to the AO for verification - Decided in faovur of Assessee. - ITA No. 1868/Mds/2012 - - - Dated:- 20-12-2013 - A.MOHAN ALANKAMONY AND CHALLA NAGENDRA PRASAD, JJ. For the Appellant : K. Raghu For the Respondent : S. Das Gupta ORDER:- PER : Challa Nagendra Prasad This appeal is filed by the assessee against the order of the Commissioner of Income Tax (Appeals)-I, Coimbator ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent year 2004-05 and disallowance of higher depreciation to that extent is upheld. 3. The counsel submits that in the case of the assessee though the return was filed belatedly, audit report exercising option for higher depreciation was filed before due date for filing of return for the assessment year 2004-05, therefore the Assessing Officer is not justified in restricting the depreciation on windmills to only 7.69% as against 80%. The counsel for the assessee further submits that even though the Commissioner of Income Tax (Appeals) states that Income-tax Act specifically stipulates that to claim higher rate of depreciation return of income should be filed within the due date, no such requirement is prescribed in the Act. The counsel su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee had filed return of income on 29.03.2005 after a delay of five months from the due date of filing of return. It was also submitted before the Commissioner of Income Tax (Appeals) that audit report in Form 3CB and 3CD were filed on 22.10.2004 which is before the due date of filing of return i.e. 31.10.2004. We have gone through the order of the co-ordinate Bench of this Tribunal in the case of KKSK Leather Processors(P.) Ltd. (supra), wherein the co-ordinate Bench held that when there is no specific form or method prescribed for exercising the said option for claiming higher depreciation, then the claim made in the return of income as well as reflected in the books of account and audit report filed along with the return of income i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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