TMI Blog2015 (10) TMI 1090X X X X Extracts X X X X X X X X Extracts X X X X ..... , which provides that no deduction shall be allowed under Section 32A in respect of “any machinery or plant, the whole of the actual cost of which is allowed as a deduction (whether by way of depreciation or otherwise) in computing the income chargeable under the head “Profits and gains of business or profession” of any one previous year. When the assessee has opted to take advantage of investment allowance, rather than deduction of the whole amount of actual cost by way of depreciation, he is now estopped from contending otherwise. - Decided against assessee. Assessment U/s. 41(2) - Held that:- The order under challenge passed by the learned Tribunal holding that in the absence of any benefit having been availed by the asessee on acc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ities, the assessee expressed its desire to confine the claim for depreciation only in the previous year relevant to the assessment year 1984-85 and further submitted any claim of depreciation in respect of such gas cylinders made by the company in any of the previous assessment years either through application under section 154 or otherwise, be treated as not pressed and withdrawn. The company further submitted that the gas cylinders in question were admittedly used for the purpose of business in the assessment year 1984-85 and since no depreciation on these gas cylinders was ever allowed in any of the earlier years, the assessee should be allowed full depreciation on gas cylinders in the assessment year 1984-85. The Assessing Officer reje ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the actual cost of which is allowed as a deduction (whether by way of depreciation or otherwise) in computing the income chargeable under the head Profits and gains of business or profession of any one previous year . He also did not dispute the fact that the assessee by his letter dated 25th September, 1979 stated, inter alia, that on reconsidering the matter we propose to forego our claim of ₹ 58,25,731 on account of depreciation and accordingly a revised return which still shows a loss of ₹ 6,73,215.29 is enclosed . When the claim for depreciation was once waived by the assessee and he chose to avail himself of the benefit of investment allowance under Section 32A of the Income Tax Act, he could not at a subsequent ..... X X X X Extracts X X X X X X X X Extracts X X X X
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