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of <h1>Tribunal upholds depreciation claim on windmill despite pending appeal, emphasizing importance of legal precedents</h1> <h3>The Dy. Commissioner of Income-tax Corporate Circle-1 Coimbatore Versus M/s Roots Multiclean Ltd</h3> The Dy. Commissioner of Income-tax Corporate Circle-1 Coimbatore Versus M/s Roots Multiclean Ltd - TMI Issues: Disallowance of depreciation claim on windmill based on pending appeal before the Apex Court.In this case, the issue revolved around the disallowance of the claim of depreciation on a windmill by the Assessing Officer due to a pending appeal before the Apex Court against a judgment of the Madras High Court. The Assessing Officer contended that since a Special Leave Petition was pending, the claim should be disallowed. However, the Commissioner of Income-tax (Appeals) allowed the claim by following the judgment of the Madras High Court. The Tribunal, after hearing the arguments, upheld the decision of the lower authority, emphasizing that the mere pendency of a Special Leave Petition before the Apex Court is not a valid reason to disregard the judgment of the Jurisdictional High Court. The Tribunal highlighted that there was no stay on the operation of the Madras High Court's judgment by the Apex Court, leading to the confirmation of the lower authority's decision. Consequently, the appeal of the Revenue was dismissed, affirming the allowance of the depreciation claim on the windmill by the assessee for the assessment year in question.This judgment underscores the importance of adhering to the decisions of the Jurisdictional High Court in similar matters, even if there is a pending appeal before the Apex Court. It clarifies that the pendency of a Special Leave Petition alone does not invalidate the binding nature of the High Court's judgment. The Tribunal's ruling serves as a reminder that unless there is a specific stay on the operation of a High Court's judgment by the Apex Court, lower authorities are expected to follow and apply the decisions of the relevant Jurisdictional High Court. The case sets a precedent for maintaining consistency and respect for legal precedents within the judicial system, ensuring uniformity and predictability in the application of tax laws.
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