9911796707
TMI Blog2008 (10) TMI 369X X X X Extracts X X X X X X X X Extracts X X X X ..... iation and not with regard to additional tax especially if a revised return has been filed. is clear that this is a special amendment brought about to meet a particular critical situation and was applied for only one year so that addi-tional resources could be mobilised and, therefore, the approach that has been adopted by the Tribunal with regard to depreciation claimed, other-wise, cannot apply - Held that: - Tribunal had totally misunderstood this third proviso to clause (ii) of section 32(1) for the year 1991-92. Depreciation is restricted to 75 per cent. and this restriction is applicable only to companies and also only for the assessment year 1991-92. The appellant being a com-pany and the assessment year in question being 1991-92, th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . . 2. For the assessment year 1991-92, the grievance of the assessee is with regarding to making proper adjustment in regard to depreciation to the extent of restricting the deduction to 75 per cent. This is a case of a limited company, which is an artificial juridical person. Unless and until it could be shown that the assets are used for non-business purposes the restriction of depreciation for business use is not permissible. We, therefore, uphold the claim of the assessee and accordingly the orders of the authorities on this point is set aside. Consequently, the additional tax levied is also cancelled . . ." 3. Though in the said order, two assessment orders were grouped together, the present appeal is only with regard to the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed a revised return restricting the depreciation to 75 per cent. and that this point was specifically argued before the Commissioner of Income-tax (Appeals), where the assessee contended that when the assessee him-self has filed a revised return, the levy of additional tax was unwarranted. The learned counsel for the assessee submitted that, therefore, when the revised return had been filed and the claim for depreciation has been restricted to 75 per cent. as it should, there should not be claim for any additional tax if the question raised by the Revenue is in favour of the Revenue. Learned counsel for the appellant submits that the appeal is restricted to the quantum of depreciation and not with regard to additional tax especially if a re ..... X X X X Extracts X X X X X X X X Extracts X X X X
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