2014 (10) TMI 792

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..... s filed by the Revenue as against 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 holding that, the assessee has satisfied the requirement of second proviso to Rule 5(1A) of the Income Tax Rules, and they are entitled for depreciation on wind .....

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..... in holding that the assessee is entitled for higher 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 .....

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..... the Income Tax Act and the form prescribed 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 .....

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