2013 (4) TMI 455

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....Mr. Raj Darak JUDGEMENT:- In all these Appeals by the Revenue for the Assessment Years 2003-04, 2004-05 and 2005-06, following common question has been raised for our consideration: Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in allowing depreciation to be computed on the basis of actual cost of the assets without reducing the depreciation of....

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....me Tax v/s. Mahindra Mills reported in 243 ITR 56 3. However, for the Assessment Year in question, it is the case of the Revenue that explanation 5 added the Section 32 of the Income Tax Act, 1961 (the said Act) w.e.f. 1st April, 2002 provides that depreciation shall be allowed whether or not the assessee has claimed the deduction in respect of depreciation in computing total income. Therefore, i....

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....s including the written down value of its Plant & Machinery were final. Therefore, it would not be possible to reopen the assessment for earlier years and invoke the Explanation 5 to Section 32 of the said Act. Therefore, by the impugned order, the depreciation as claimed by the Respondent for the Assessment Years in question had been allowed. 5. We notice that the assessment for the earlier year....