https://www.taxtmi.com/caselaws?id=217622 The Tribunal upheld the CIT(A)'s decision, allowing the enhanced rate of depreciation for the assessee and dismissing the Revenue's appeal. The CIT(A) emphasized that the Assessing Officer must allow depreciation as per statutory provisions, irrespective of different rates specified in rules. The requirement to exercise the option for higher depreciation rate before the due date was interpreted as not mandatory by the CIT(A), allowing the option to be exercised on the due date itself. The Tribunal found no infirmity in the CIT(A)'s order and dismissed the Revenue's appeal. en-us Wed, 11 Jul 2012 00:00:00 +0530 Sat, 20 Oct 2012 07:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=217622 The Tribunal upheld the CIT(A)'s decision, allowing the enhanced rate of depreciation for the assessee and dismissing the Revenue's appeal. The CIT(A) emphasized that the Assessing Officer must allow depreciation as per statutory provisions, irrespective of different rates specified in rules. The requirement to exercise the option for higher depreciation rate before the due date was interpreted as not mandatory by the CIT(A), allowing the option to be exercised on the due date itself. The Tribunal found no infirmity in the CIT(A)'s order and dismissed the Revenue's appeal. Case-Laws Income Tax Wed, 11 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=217622