ARSH IRON & STEEL LTD.,BURDWAN vs. ACIT, CIR-3, ASANSOL, ASANSOL

In the result, assessee’s appeal is partly allowed

Bench: Shri Aby.T Varkey & Shri Waseem Ahmed

depreciation is governed by section 329(1)9iia) and explanation 5 to section 32(1)(ii) cannot be applied to section 32(1)(iia). This is du9e to the fact that explanting 5 of section 32 is specific to section 32(10(ii). In any case the decision in Goetze (India) Ltd. vs. CIT (SC) 284 323 settles matter

A.C.I.T.,CIRCLE-1(1), KOLKATA vs. KAMARHATTY COMPANY LIMITED , KOLKATA

In the result, the appeal of revenue is dismissed