Case Law Details
CASE LAWS DETAILS
DECIDED BY: ITAT, BENCH `D’, CHENNAI,
IN THE CASE OF: K. K. S. K. Leather Processors (P.) Ltd. Vs ITO, Appeal No: ITA No. 826 & 827/Mds./2009, DECIDED ON: November 20, 2009
RELEVANT PARAGRAPH
7. We have considered the rival contentions, relevant record and various decisions relied upon by both the parties. The undisputed factual position emerging out of the record is that in the case of first assessee in ITA Nos.826 & 827/09 the return of income for the assessment year 2003-04 was filed on due date but the return of income for 2005-06 was filed after the due date as prescribed under section 139(1) of Income-tax Act. Similarly in the case of the second assessee in ITA Nos. 828 & 829/09 the return of income for the assessment year 2003-04 was filed on due date and for the assessment year 2005-06 was filed after due date. In the case of third assessee in ITA No. 832/09 the return of income was filed on due date. In the case of the fourth assessee in ITA Nos. 833 to 836/09 all the returns for the four assessment years were filed on due dates. As far as the entitlement of higher rate of depreciation on windmill as per Appendix I to Rule 5(1A) is concerned, there is no dispute that the assessee is entitled because the Revenue has not disputed the entitlement on merits. But the claim was disallowed by the Assessing Officer on the ground that the assessee did not exercise the option as prescribed under Second Proviso to Rule 5(1A). The two questions arising for consideration and determination in the facts of ihese cases are.
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Since two rates of depreciation are prescribed as per Appendix (1) as well as Appendix (1A) to Rule 5 of Income-tax Rules in respect of assets of the undertaking engaged for generation and distribution of power.
WHAT ARE THE TWO RATES.
KINDLY INFORM AND GIVE THE EXACT TWO RATES.