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2016 (8) TMI 955 - GUJARAT HIGH COURT

2016 (8) TMI 955 - GUJARAT HIGH COURT - TMI - Admissibility of depreciation - claiming deduction u/s.80IA - whether 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? - 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. J .....

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i And G. R. Udhwani, JJ. Mr B S Soparkar Advocate With Mrs Swati Soparkar, Advocate for the Appellant Mr Sudhir M Mehta, Advocate for the Opponent JUDGMENT ( Per : Honourable Mr. Justice KS Jhaveri ) 1. These Tax Appeals under Section 260A of the Income Tax Act, 1961 are filed against the common order dated 20.10.2006 passed by the Income Tax Appellate Tribunal in ITA Nos.1786 to 1790/Ahd/2006 raising the following substantial questions of law: [A] Whether, in the facts and in the circumstances .....

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iming of depreciation in the normal computation of income by the assessee but the same to be allowed as deduction while computing the income for the purpose of Chapter VI A? 2. Briefly stated, the facts are that the assessee is a private limited company engaged in the manufacturing of embroidered cloth articles. The assessee filed its return of income on 22.11.2000 declaring NIL income after claiming deduction u/s.80IA to the tune of ₹ 1,30,10,329/. The assessment was finalized u/s.143(3) .....

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