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TMI Blog2016 (9) TMI 1554X X X X Extracts X X X X X X X X Extracts X X X X ..... 16, ITA 493/2016, ITA 494/2016 - - X X X X Extracts X X X X X X X X Extracts X X X X ..... by a plain reading of the rule of concerned provision i.e. Part A, under Appendix 1, Clause III (8) (ix) (B) (e) of the Income-tax Rules, 1962. The revenue had urged that the appropriate rate of depreciation would be 25% as against which the assessee had claimed 80% depreciation in view of the rule. 7. This court is of the opinion that having regard to the fact that ITAT went by the text of the r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . CIT {1961} 41 ITR 608 (SC). 9. As far as the change in the method of valuation is concerned, the ITAT permitted the assessee to adopt the moving average methodology. The ITAT noted that the previous method adopted by the assessee was First In First Out (FIFO) in terms of AS2. However, they changed that method from 2005-2006 onwards. The ITAT concurred with the CIT (A)'s decision that the assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... osition has now been affirmed by this court in CIT vs. Ankitech (P) Ltd. (2012) 340 ITR 14. The question of law framed does not arise in ITA Nos. 666/2016, 257/2016, 258/2016, 261/2016, 485/2016 & 492/2016. The answer to the other questions of law framed has been repelled by the above order. 11. Consequently, ITA No. 666/2016 along with C.M. Nos. 31882-31883/2016 and ITA Nos. 257/2016, 258/2016, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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