https://www.taxtmi.com/caselaws?id=393887 The High Court of Madras ruled in favor of the assessee in a case concerning the interpretation of Section 139(1) of the Income Tax Act on claiming depreciation. The Court held that the assessee's claim for depreciation in the return of income, along with the audit report, constituted the exercise of the option as required by the rules. Additionally, the Court confirmed that assessing the merits of a case was valid when challenging the reopening of assessment, citing previous decisions supporting the assessee's position. The Court upheld the claim for depreciation and disposed of the appeal in favor of the assessee. en-us Mon, 16 Mar 2020 00:00:00 +0530 Tue, 24 Mar 2020 13:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=393887 The High Court of Madras ruled in favor of the assessee in a case concerning the interpretation of Section 139(1) of the Income Tax Act on claiming depreciation. The Court held that the assessee's claim for depreciation in the return of income, along with the audit report, constituted the exercise of the option as required by the rules. Additionally, the Court confirmed that assessing the merits of a case was valid when challenging the reopening of assessment, citing previous decisions supporting the assessee's position. The Court upheld the claim for depreciation and disposed of the appeal in favor of the assessee. Case-Laws Income Tax Mon, 16 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=393887