Assessee cannot be compelled to claim depreciation as Exp. 5 to Sec 32(1)(ii) is not retrospective

Brief of the case: The Hon’ble Himachal Pradesh High Court in the case of CIT vs. M/s Shree Triveni Foods held that the claim of depreciation for assessment years under dispute was not mandatory and therefore, the assessee could not be compelled to exercise the option as an obligation. Is is further held that Claim of depreciation been mandatory only on or after Assessment Year 2002-03 by way of inserting Explanation 5 to Sec 32(1)(ii) and same is not retrospective. Facts of the case: For the assessment year 2000-01 to 2004-05, the assessee filed returns of income claiming the entire pr...