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When the assessee did not claim the additional depreciation in the return of income, it cannot be denied merely on such basis
Case Law Details
- Case Name
- Deepak Fertilizers & Petrochemicals Corporation. Ltd. Vs. DCIT (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2006- 07
- Courts
- All ITAT, ITAT Mumbai
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Deepak Fertilisers & Petrochemicals Corporation Ltd. Vs. DCIT (ITAT Mumbai)- Whether the assessee is entitled to claim expenses for obsolete stores/ spares on provisional basis or it will be allowed in the year in which it is sold –
The assessee had written off the sum of Rs. 11,20,000/- on account of items considered obsolete. Such items included instrument items, cement, paint and paint materials, safety shoes and dress material. The Assessing Officer disallowed the claim of the assessee following the Bombay High Court judgement in the case of Herdilla Chemicals Ltd. 225 ITR 532 w...
