https://www.taxtmi.com/caselaws?id=211825 The Tribunal upheld the Commissioner of Income-tax(Appeals)'s decision, confirming that the assessee had opted for the WDV method and was entitled to correct the rate of depreciation to 80%. The appeal filed by the Revenue was dismissed, and the cross objection filed by the assessee was dismissed as infructuous. The Tribunal emphasized that statutory allowances like depreciation must be correctly applied by the Assessing Officer, even if the rate initially claimed was incorrect. en-us Thu, 08 Mar 2012 00:00:00 +0530 Fri, 06 Apr 2012 12:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=211825 The Tribunal upheld the Commissioner of Income-tax(Appeals)'s decision, confirming that the assessee had opted for the WDV method and was entitled to correct the rate of depreciation to 80%. The appeal filed by the Revenue was dismissed, and the cross objection filed by the assessee was dismissed as infructuous. The Tribunal emphasized that statutory allowances like depreciation must be correctly applied by the Assessing Officer, even if the rate initially claimed was incorrect. Case-Laws Income Tax Thu, 08 Mar 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=211825