2014 (10) TMI 791

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..... st the order of the Income Tax Appellate Tribunal raising the following substantial questions of law: "i) Whether under the facts and circumstances of the case, the Income Tax Appellate Tribunal was right in upholding the order of the Commissioner of Income Tax (Appeals) directing the assessing officer to allow depreciation at the rate of 80% under Rule 5(1), even though the assessee did not exer .....

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..... r under the facts and circumstances of the case, the Income Tax Appellate Tribunal was right in law in granting depreciation at 80% on windmills, even though the assessee is entitled at the rate of 7.69% of the cost and this rate has correctly been allowed by the assessing officer? v) Whether under the facts and circumstances of the case, the Income Tax Appellate Tribunal was right in law in hold .....

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..... above-said decision of the Bombay High Court makes it clear that if the assessee exercised the option in terms of second proviso to Rule 5(1A) of the Income Tax Rules at the time of furnishing of return of income, it will suffice and no separate letter or request or intimation with regard to of exercise of option is required. Since the returns are filed in accordance with Section 139(1) of the Inc .....

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