https://www.taxtmi.com/caselaws?id=55093 The ITAT Special Bench concluded that depreciation, though not claimed by the assessee in their return, must be allowed when computing deductions under Chapter VI-A of the Income-tax Act. This decision aligns with legislative mandates and judicial precedents, emphasizing that income must be computed in accordance with all provisions, including section 32 for depreciation. Consequently, the appeals filed by the revenue were allowed, and those filed by the assessees were dismissed. The Assessing Officer is required to include depreciation in the computation of profits for deductions under Chapter VI-A, regardless of whether it was claimed in the return. en-us Wed, 09 Nov 2005 00:00:00 +0530 Sat, 06 Apr 2024 13:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55093 The ITAT Special Bench concluded that depreciation, though not claimed by the assessee in their return, must be allowed when computing deductions under Chapter VI-A of the Income-tax Act. This decision aligns with legislative mandates and judicial precedents, emphasizing that income must be computed in accordance with all provisions, including section 32 for depreciation. Consequently, the appeals filed by the revenue were allowed, and those filed by the assessees were dismissed. The Assessing Officer is required to include depreciation in the computation of profits for deductions under Chapter VI-A, regardless of whether it was claimed in the return. Case-Laws Income Tax Wed, 09 Nov 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55093