Case Law Details
Case Name : ACIT Vs Gujarat State Energy Generation Ltd (ITAT Ahemdabad)
Appeal Number : I.T.A. No. 1777/Ahd./2009
Date of Judgement/Order : 15/04/2011
Related Assessment Year : 2006- 07
Courts :
All ITAT ITAT Ahmedabad
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ACIT, Gandhinagar Vs Gujarat State Energy Generation Ltd (ITAT Ahemdabad) –
Whether the assessee which once opted for SLM method of depreciation, can change it to WDV by filing a valid revised return before the assessment is made – Whether the expenses for which the liability has crystallized during the year cannot be treated as prior period expenses ?
It can be held that where the assessee in required to exercise an option before a particular date and thus such option is exercised in the original return, yet if the assessee files a valid revised return, the option cannot he said to have been exercised and he will have right to change his option by filing afresh and revised return before the assessment is made for that year, In view of this, it can be held that the option exercised by the assessee in respect of claim on depreciation on SLM method gets substituted by the option of claim of depreciation as per WDV method. Accordingly, the Assessing Officer is directed to allow the depreciation on the basis of revised claim made m the revised return.
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