2014 (3) TMI 868

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..... sessee. ORDER Credit of Rs. 1,33,578/- has been disallowed to the assessees herein, who are manufacturers of sugar and molasses, on the ground that this amount was simultaneously claimed as depreciation under the provisions of the Income-tax Act. In addition, a penalty of equal amount has been imposed on the assessees. 2. I have heard both sides. The assessees have satisfied me with refere .....

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..... Rs. 4,16,528/- was reduced from the cost of fixed assets in the year ending 31st March, 2004 and a sum of Rs. 99,496/- was reduced for the purpose of claiming depreciation in the year ending 31st March, 2006. 3. I, therefore, hold that the assessees are entitled to credit of Rs. 1,33,578/-, set aside the impugned order denying credit and imposing penalty, and allow the appeal of the assesse .....

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