2006 (10) TMI 99

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..... r to higher depreciation being claimed by the assessee under IT Act and, thus, for purposes of Section 115-J of the Act, depreciation actually debited could be allowed - Tribunal upheld the said view - In view of judgment of SC, We, accordingly, answer the question against the revenue and in favour of the assessee – higher depreciation permissible
ADARSH KUMAR GOEL and RAJESH BINDAL JUDGMENT: .....

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..... rt, 'the Act'), which was rejected by the Assessing Officer on the ground that depreciation for purposes of Section 115-J of the Act was permissible as per Schedule XIV of the Companies Act, 1956. The CIT(A) allowed the claim of the assessee holding that depreciation provided under the Companies Act was the minimum but there was no bar to higher depreciation being claimed by the assessee and, thus .....

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..... ies Act has to be treated as income for purposes of Section 115-J of the Act. Only power of the Assessing Officer is to see that accounts are certified by the authorities under the Companies Act and, there is no jurisdiction to go behind the net profit shown in the profit and loss account. 5. We find that the Kerala High Court in CIT v. Dynamic Orthopedics P. Limited, (2002) 257 ITR 446, has take .....

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