TMI Blog1989 (4) TMI 49X X X X Extracts X X X X X X X X Extracts X X X X ..... shed by the assessee, is the Income-tax Officer competent to suo motu allow it even against the wishes of the assessee ? Herein lies the controversy raised in this reference. The matter here relates to the assessment year 1976-77. The assessee, Friends Corporation, which is engaged in transport business, owned three tankers. It filed a return showing a loss of Rs. 22,521 with a note at annexure ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g referred for the opinion of this court : "(i) Whether, on the facts and in the circumstances of the case, the .Appellate Tribunal was right in law in holding that the Income-tax Officer could not suo motu allow depreciation on the three tankers held by the assessee ? (ii) Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in accepting the contention of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ct Taxes which provides that where the required particulars have not been furnished by the assessee and no claim for depreciation has been made in the return, the Income-tax Officer should estimate the income without allowing depreciation allowance. Further, it was held that from the language of sections 32 (1) (ii) and 34(1) read with the circular, it was clear that in case an assessee had not cl ..... X X X X Extracts X X X X X X X X Extracts X X X X
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