9911796707
TMI Blog2002 (1) TMI 1187X X X X Extracts X X X X X X X X Extracts X X X X ..... r : Jeet Ram Kait, Member (T)]. In both these stay petitions the issue involved is common and therefore common order is being passed in view of the fact that the issue has already been decided in favour of the assessee by the WRB, Bombay in the matter of Terna Shetkari Sahakari Sakhar Karkhana Ltd. v. CCE, Aurangabad reported in 2001 (138) E.L.T. 1225 (Tribunal) = 2001 (46) RLT 1079 (CEGAT-M ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent, mere filing of return claiming depreciation on total value is not sufficient to disallow credit particularly, in view of wordings of Rule 57R(5) and the amendment to Section 43(1) of the Income-tax Act made in 1998 with effect from 1-4-94. Unless depreciation is allowed by Income-tax Department, credit is not to be denied though claimed in the return by the assessee. The Tribunal has directed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on that the matter requires fresh appreciation of facts in the light of the judgment rendered by the co-ordinate Bench in the case of Terna Shetkari Sahakari Sakhar Karakhana Ltd. v. CCE, (supra) in which it has been held that if the revised Returns are filed excluding that part of value and accepted by the Income-tax Department, mere filing of Return claiming depreciation on total value is not su ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
