HIGH COURT OF DELHI
Commissioner of Income-tax, Delhi IV v. Insilco Ltd.
Section 32 of the Income-tax Act, 1961 – Depreciation – Allowance/rate of – Assessment year 1999-2000 – Whether in view of decision of Delhi High Court in CIT v. Woodward, Governor India (P.) Ltd. [2007] 162 Taxman 60, Tribunal was correct in allowing depreciation to assessee on increase in cost of plant and machinery due to increased liability on account of foreign exchange rate fluctuation on last date of accounting year – Held, yes
Section 115JA of the Income-tax Act, 1961 – Minimum Alternate tax – Assessment year 1999-2000 – Whether where for making addition to book profits on account of provision for bad debts by invoking Explanation (c) to section 115JA(2) Assessing Officer had given absolutely no reason, assessment order upto that extent was to be set aside – Held, yes
