ITAT directs AO to consider allowability of Additional depreciation claimed during assessment proceedings

Lord Krishna Rice Mills Vs ITO (ITAT Delhi) Whether the assessee can claim additional depreciation which was not claimed in the original return or not claimed through revised return, but, was claimed during the course of assessment proceedings. As per the decision of the Hon’ble Supreme Court in the case of M/s Goetze (India) Ltd. vs. CIT (supra), the decision was limited to the powers of the assessing authority and does not impinge on the power of the Income-tax Appellate Tribunal u/s 254 of the Income-tax Act, 1961. We, therefore, direct the AO to adjudicate the issue of additional depreci...