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TMI Blog2009 (7) TMI 852X X X X Extracts X X X X X X X X Extracts X X X X ..... introduced by the Finance Act, 2006 with effect from April 1, 2007, while we are concerned with the previous year corresponding to the assessment year 2002-03, with reference to which the said amended provision will have no application - Therefore, do not find any scope to entertain this appeal on the substantial questions raised by the Revenue. - 531 of 2009 - - - Dated:- 13-7-2009 - IBRAHI ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... annual report, it was mentioned that due to change in depreciation rate charged on the assets in the books, there was a reduction in the book profits to the extent of Rs. 14.30 crores. On being questioned, the assessee-company submitted that it had a right to claim higher rate of depreciation based on the life of the assets. There was also a resolution passed by the board of directors on July 4, 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ITR 273 (SC) and held that the Assessing Officer, as well as the Commissioner of Income-tax (Appeals) has to accept the authenticity of the accounts submitted in accordance with the provisions of the Companies Act, which obligates the company to maintain its accounts in a manner provided by the Act, which was scrutinised and certified by the statutory auditors and approved by the company in its ge ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r changing the rate of depreciation, which is beneficial to the company while working out its account which was also filed before the Registrar of Companies, in compliance with the provisions of the Companies Act. So long as the said compliance in regard to the submission of the accounts has not suffered any statutory defect, the application of the ratio laid down by the honourable Supreme Court i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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