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Rishi Gases (P) Ltd. Versus Commissioner of Income Tax, Calcutta And Vica-Versa

2015 (10) TMI 1090 - CALCUTTA HIGH COURT

Depreciation claim waived - assessee had taken the benefit of investment allowance under Section 32A - whether the assessing authority was entitled to compute the income by allowing depreciation even though the assessee has not made any claim for such depreciation? - Held that:- 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 stage revive the .....

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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 account of depreciation, the question of any assessment under Section 41(2) of the Income Tax Act could not arise is af .....

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the reference is as follows : The assessee-company, engaged in the business of manufacturing and selling industrial gases, imported, during the assessment year 1978-79, gas cylinders and the same were put to use in that year. In the assessment year 1978-79, the company originally claimed 100% depreciation on such gas cylinders, but subsequently filing the revised return, withdrew its claim for depreciation on various assets including there gas cylinders. The claim for depreciation on the said ga .....

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r 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the previous assessment years either through application under section 154 or otherwise, be treated as not pressed and withdrawn.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 allowe .....

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, are as follows : 1) Whether on the facts and circumstances of the case the assessee company had an option to claim depreciation in the year or years of its choice or not or not to claim at all and whether the assessing authority was entitled to compute the income by allowing depreciation even though the assessee has not made any claim for such depreciation. 2) Whether on the facts and circumstances of the case the assessee company could lawfully withdraw its claim for depreciation allowance by .....

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d 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 . 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 .....

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