Depreciation claim sustained where Tribunal followed Mahendra Mills and no substantial question of law was found.

The Gujarat HC found no substantial question of law in the revenue's challenge to the assessee's depreciation claim. It noted that the Tribunal had followed the Supreme Court ratio in Mahendra Mills and had also relied on a similar Tribunal decision. On that basis, the Court held that the Tribunal's view on depreciation was justified and declined to entertain the appeal.

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Issues: Whether any substantial question of law arose in the revenue's appeal concerning the assessee's claim of depreciation.

Analysis: The Court noted that the Tribunal had decided the matter in line with the ratio of the Supreme Court in Mahendra Mills and that the same view had also been taken in a similar Tribunal decision. On that basis, the Court found the Tribunal's view on depreciation to be justified and held that no substantial question of law was involved.

Conclusion: No substantial question of law arose in the appeal concerning depreciation, and the appeal was not entertained.

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