TMI Blog2016 (8) TMI 955X X X X Extracts X X X X X X X X Extracts X X X X ..... of an industrial undertaking? - Held that:- The controversy raised in these appeals stands settled by a Division Bench judgment of this Court in the case of Sakun Polymers Ltd. v. Joint Commissioner of Incometax [2015 (1) TMI 484 - GUJARAT HIGH COURT ] wherein it has been held that depreciation is optional to the assessee and that once the assessee chooses not to claim it, the Assessing Officer c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... circumstances of the case the Income Tax Appellate Tribunal was right in law in holding that depreciation though allowable but not claimed in the return for normal computation of income has to be allowed while computing the deductions under Chapter VI A of an industrial undertaking? [B] Whether, in the facts and in the circumstances of the case the Income Tax Appellate Tribunal was right in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... order dated 18.01.2005. 3. Against the order of Assessing Officer, the assessee filed appeal before the CIT(A). However, the CIT(A) dismissed the appeals vide order dated 15.05.2006. Being aggrieved by the same, the assessee filed second appeals before the Tribunal. The Tribunal dismissed all the five appeals preferred by the assessee vide order dated 20.10.2006. Hence, these Tax Appeals. 4. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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