THIRD INCOME TAX OFFICER v. P K RAGHAVENDRA RAO
[Citation -1984-LL-0709-1]
| Citation | 1984-LL-0709-1 |
|---|---|
| Appellant Name | THIRD INCOME TAX OFFICER |
| Respondent Name | P K RAGHAVENDRA RAO |
| Court | ITAT |
| Relevant Act | Income-tax |
| Date of Order | 09/07/1984 |
| Assessment Year | 1980-81 |
| Judgment | View Judgment |
| Bot Summary: | The Department s contention in this appeal is that the AAC is wrong in holding that the assessee is entitled to depreciation on lorries at the enhanced rate of 40 percent for the asst. The ITO allowed depreciation at 30 per cent with the observation that the enhanced rate of 40 per cent would come into effect only from 24th July, 1980 Rules, 1980, w.e.f 24th July, 1980 126 ITR St. 1). Before the AAC in appeal, the assessee claimed that since the assessment was made on 26th March, 1983, the assessee is entitled to enhanced rate of depreciation which is applicable to all the assessments pending as on the date of notification. The AAC accepted this contention relying on an order of CIT(A) in the case of M/s Annamalais Agencies, Coimbatore. We have heard the parties and would uphold the AAC s finding. 24th July, 1980 specifically mentioned the words at once. The Department s argument before us that the law as on the first days of the assessment year should be applied and that hence the rule inserted w.e.f. 24th July, 1980 would apply only from the asst. Following the above decisions, we would uphold the order of the AAC. The revenue s appeal is dismissed. |