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TMI Blog2014 (10) TMI 791X X X X Extracts X X X X X X X X Extracts X X X X ..... sed 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 Income Tax Act and the form prescribed therein make a provision for exercising an option ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd proviso to Rule 5 before the due date for filing of the return to apply rule 5(1) of the Income Tax Rules? ii) Whether under the facts and circumstances of the case, the Income Tax Appellate Tribunal was right in holding that the assessee has satisfied the requirement of second proviso to Rule 5(1A) of the Income Tax Rules, and whether they are entitled for depreciation on windmills as per A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gher rate of depreciation even though the assessee had filed return of income within the due date and has also not exercised its option separately? 2. The issue involved in this Tax Case (Appeal) relates to the claim of depreciation by the assessee on the installation of windmill, which according to the Revenue is contrary to Rule 5(1A) Appendix 1A of the Income Tax Rules. 3. Learned Standi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bed therein make a provision for exercising an option in respect of the claim of depreciation, no separate procedure is required, as contended by the Department. We are in agreement with the reasoning of the Tribunal. 21. Accordingly, the question of law is answered in favour of the assessee and against the Revenue. 5. Following the above-said decision of this Court, the substantial questio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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