The Commissioner of Income-tax, Chennai v. PMP Textiles Spinning Mills Ltd
[Citation -2019-LL-0821-157]
| Citation | 2019-LL-0821-157 |
|---|---|
| Appellant Name | The Commissioner of Income-tax, Chennai |
| Respondent Name | PMP Textiles Spinning Mills Ltd. |
| Court | HIGH COURT OF MADRAS |
| Relevant Act | Income-tax |
| Date of Order | 21/08/2019 |
| Assessment Year | 2006-07 |
| Judgment | View Judgment |
| Keyword Tags | higher rate of depreciation • depreciation on wind mill |
| Bot Summary: | Respondent APPEAL under Section 260-A of the Income Tax Act, 1961 against the order dated 11.2.2013 made in ITA.No. 811/Mds/2011 on the file of the Income Tax Appellate Tribunal Chennai 'D' Bench for the assessment year 2006-07. For Appellant : Ms.V.Pushpa, SC and Ms.S.Premalatha, SC For Respondent: Mr.A.S.Sriraman for Mr.S.Sridhar Judgment was delivered by T.S.Sivagnanam,J This appeal, filed by the Revenue under Section 260A of the Income Tax Act, 1961 is directed against the order dated 11.2.2013 made in ITA.No. The appeal was admitted on 30.10.2013 on 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 windmills as per Appendix I is valid ii. Whether, under the facts and circumstances of the case, the Income Tax Appellate Tribunal was right in law in granting depreciation at 80 on windmills, even though the Proviso to Section 32(1)(i) and Rule 5(1A) clearly stipulate that only rate of depreciation on the method as provided for in Appendix IA will be relevant for power generating machinery iii. Whether, under the facts and circumstances of the case, the Income Tax Appellate Tribunal was right in law 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 And v. Whether, under the facts and circumstances of the case, the Income Tax Appellate Tribunal is right in not adjudicating the grounds of appeal of the Revenue regarding completion proceedings by the Commissioner of Income Tax in violation of Rule 46A of the Income Tax Rules 3. Following the said decision, the above tax case appeal is dismissed and the substantial questions of law framed are answered against the Revenue and in favour of the assessee. |