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Indo Swiss Embroidery Industries Ltd. Versus Asst. Commissioner of Income Tax

2016 (8) TMI 955 - GUJARAT HIGH COURT

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 deducti .....

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84 - 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 cannot allow while computing the income. - Revenue could not controvert the .....

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ate 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 .....

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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 .....

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n 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 embroidere .....

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21/. While finalizing the assessment, the claim of assessee u/s.80IA was disallowed to the extent of ₹ 78,44,021/, vide order dated 18.01.2005. 3. Against the order of Assessing Officer, the assessee filed appeal before the CIT(A). However, the .....

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hese Tax Appeals. 4. At the outset, Mr. B.S. Soparkar, learned counsel for the assessee, submitted 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 Comm .....

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