Additional Depreciation Can’t Be Denied for Non-Filing of Form 3AA With Return: SC

CIT Vs G. M. Knitting Industries (P) Ltd. (Supreme Court of India) The Supreme Court considered appeals involving the allowability of additional depreciation where Form 3AA had not been filed along with the return of income but had been furnished during the course of assessment proceedings before the final assessment order was passed. The Supreme Court reproduced paragraph 2 of the impugned order of the High Court, which had upheld the decision of the Income Tax Appellate Tribunal. The issue before the authorities was whether additional depreciation could be denied solely because the assessee ...