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TMI Blog1997 (2) TMI 33X X X X Extracts X X X X X X X X Extracts X X X X ..... f this Court: "Whether, on the facts and in the circumstances of the case, the assessee was entitled to additional depreciation arising for earlier assessment years consequent to the revision of the actual cost under s. 43A of the IT Act, 1961?" 2. The assessee is a company. During the year ending on 31st May, 1966, relevant to the asst. yr. 1967-68, the assessee had acquired some plant and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion that would be admissible to all the previous years, should be allowed in the asst. yr. 1977-78. The CIT(A) did not accept the contentions urged by the appellant, but held that the depreciation calculated by the ITO was correct and in accordance with law. On further appeal, the Tribunal also did not agree with the contentions of the assessee and held that it is not possible to rework the depre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nal depreciation or extra depreciation from the date of inception came up for consideration before the Supreme Court in Arvind Mills Ltd.'s case and the Supreme Court after considering the provisions of s. 43A of the Act, held that in so far as the depreciation is concerned, it has to be allowed on the actual cost of the asset, less depreciation actually allowed in respect of the earlier years. Ho ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... view that the assessee is entitled to the additional depreciation on the basis of the principle laid down by the Supreme Court in Arvind Mills Ltd.'s case. We also make it clear that the assessee cannot claim the total or consolidated extra depreciation that would have been admissible in the earlier years in the present assessment year and it is also impermissible for the assessee to reopen the ea ..... X X X X Extracts X X X X X X X X Extracts X X X X
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