Deputy Commissioner of Income Tax, Circle - 2, Belagavi vs. M/S Nirani Sugars Limited, Belagavi
In the result, the appeal of the Revenue is dismissed
ITA 178/PAN/2018[2011-12]Status: DisposedITAT Panaji23 Jun 2022AY 2011-12
Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee
For Appellant: Shri Ashok Kulkarni, AdvFor Respondent: Smt Rijula Uniyal, Sr. DR
Section 139(1)Section 36Section 36(1)(iii)
…ioned as to how the option has to be exercised for claiming the depreciation as per Appendix-1. We noted that on the basis of the decision as relied by the ld. AR, the Chennai Bench of the Tribunal in the case of K.K.S.K. Leather Processors (P.) Ltd. vs. ITO, 126 ITD 215 has clearly laid down that the claim in the return will tantamount to exercising of the 10 DCIT v. Nirani Sugars Ltd. option. In this case, we noted, the Chennai Bench of the Tribunal has held as under: “Section 32 of the Income-tax Act, 1961, read with rule 5 of the Income-tax Rules, 1962 - Depreciation - Allowance/Rate of - Assessment years 2…
