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of <h1>Court confirms withdrawal of claim for depreciation in revised return validates assessment. Tribunal's decision upheld.</h1> <h3>Commissioner of Income-Tax Versus Sree Senhavalli Textiles P. Ltd.</h3> Commissioner of Income-Tax Versus Sree Senhavalli Textiles P. Ltd. - [2003] 259 ITR 77, 183 CTR 453, 134 TAXMANN 725 The High Court of Madras ruled that if an assessee withdraws a claim for depreciation in a revised return, the assessment based on that revised return is valid. The court cited a Supreme Court judgment and explained that a subsequent amendment to the Income-tax Act does not affect the earlier court ruling. Therefore, for the assessment year 1988-89, the assessee was not entitled to depreciation as it was withdrawn in the revised return. The Tribunal's decision upholding this was correct. The judgment favored the assessee and went against the Revenue.
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