COMMR.OF INCOME TAX,RAJKOT vs. M/S GUJARAT SIDDHI CEMENT LTD
The appeal is disposed of accordingly
C.A. No.-006144-006144 - 2008Supreme Court17 Oct 2008
Bench: The Commissioner Of Income Tax (Appeals) (In Short ‘Cit(A)’). The Disallowance Made By The Assessing Officer Was Upheld By The Cit(A) On The Ground That No Arguments Were Advanced & No Factual Details Were Furnished Regarding The Alleged Fluctuation On Account Of Foreign Exchange Rate. The Matter Was Carried In Further Appeal By The Assessee Before The Income Tax Appellate Tribunal, Rajkot (In Short ‘Tribunal’) Which Allowed The Claim Placing Reliance On A 2
Section 260ASection 32ASection 33Section 43ASection 43A(1)
depreciation
and other allowances because the allowance of development
rebate can result in an assessee claiming allowances exceeding
the original cost. It may be that the legislature thought that,
though development rebate was intended to promote
development of industries, this could not be allowed at the cost
of the foreign exchange resources of the country which are also
depleted when
