2015 (11) TMI 397 - SCH - Income Tax

Additional depreciation - denial of claim as the assessee has failed to furnish form 3AA along with the return of income - Held that - Even if form 3AA was not filed along with return of income but the same was filed during the assessment proceedings and before the final order of the assessment was made that would amount to sufficient compliance. It is not in dispute that the assessee is entitled to the additional depreciation - Decided in favour of assessee.

Summary

The Supreme Court upheld the Income-tax Appellate Tribunal's decision to allow additional depreciation to the assessee as form 3AA was submitted during assessment proceedings, even though not filed with the return of income. The appeal was dismissed.