2014 (12) TMI 182

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..... the order of the Income Tax Appellate Tribunal 'C' Bench, Chennai, dated 23.5.2014 made in I.T.A.No.2089/Mds/2012 for the assessment year 2005-2006, by raising the following questions of law:           (i) Whether under the facts and circumstances of the case, the Income Tax Appellate Tribunal was right in holding that, the assessee has satisf .....

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..... t and this rate has correctly been allowed by the assessing officer?     (iv) Whether under the facts and circumstances of the case, the Income Tax Appellate Tribunal was right in law in holding that the assessee is entitled to higher rate of depreciation even though the assessee had filed return of income within the due date and has also not exercised its option separately? 2. Th .....

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..... so to Rule 5(1A) of the Income Tax Rules at the time of furnishing of return of income, it will suffice and no separate letter or request or intimation with regard to of exercise of option is required. Since the returns are filed in accordance with Section 139(1) of the Income Tax Act and the form prescribed therein make a provision for exercising an option in respect of the claim of depreciation, .....

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