TMI Blog2017 (4) TMI 1534X X X X Extracts X X X X X X X X Extracts X X X X ..... 012 w.e.f. 01.04.2013 - HELD THAT:- We on perusal of the assessment order found that the Revenue has not accepted the decision and filed SLP. This Tribunal is of the considered opinion that mere pendency of Special Leave Petition (SLP) before the Hon'ble Apex Court cannot be a reason to take a different view. The judgment of Madras High Court is binding on all the authorities in the State of Tamil Nadu and Union Territory of Pondicherry. Therefore, the Commissioner of Income Tax (Appeals) has rightly allowed the claim of the assessee by following the binding judgment of Madras High Court in EXMO PRECISION CASTINGS [ 2009 (10) TMI 140 - MADRAS HIGH COURT] and M/S. HI TECH ARAI LIMITED [ 2009 (9) TMI 60 - MADRAS HIGH COURT Accordingl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t the assessee company is in the business of manufacture and sale of PET Bottles and containers and filed the Return of income for the assessment year 2012-13 on 19.08.2012. Subsequently, the case was selected for scrutiny and the Ld. AR appeared from time to time with the Books of accounts and other details. The Assessing Officer on examination found that the assessee company during the relevant previous year has purchased Wind Mills and claimed depreciation at 80% and further also Additional depreciation at 20% being ₹ 3,45,52,281/- under the provisions of section 32(1)(iia) of the Act. The Ld. AO is of the opinion that the assessee's main business is not to generate energy and earn business income out of the sale of energy and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on of Jurisdictional High Court in CIT Vs. Atlas Export Enterprise (373 ITR 414) and allowed the appeal as referred at Para 4.1 of the order which read as under: 4.1 I have considered the observations of the Assessing Officer and the submissions made by the appellant. The only issue under consideration is whether the appellant is eligible for additional depreciation u/s. 32(1)(ii) with regard to the wind mills of the appellant. The Assessing Officer disallowed additional depreciation claimed on wind mills stating the wind mills are not relevant to the business of appellant company. Nevertheless, the Assessing Officer does not dispute the fact that the appellant's case is covered by the following decisions of the jurisdictional Hi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd judicial decisions. 6. We heard the rival submissions, perused the material on record and judicial decisions. The sole crux of the issue that the assessee claimed additional depreciation u/s. 32(1)(iia) of the Act in respect of purchase of wind mills. The Contention of the Ld. DR that the assessee is not in the business of producing electricity and therefore, the assessee company is not entitled for any benefit. We, on perusal of the assessment order found that the Revenue has not accepted the decision and filed SLP. This Tribunal is of the considered opinion that mere pendency of Special Leave Petition (SLP) before the Hon'ble Apex Court cannot be a reason to take a different view. The judgment of Madras High Court is binding on ..... X X X X Extracts X X X X X X X X Extracts X X X X
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