2013 (5) TMI 358

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....ment Order dated 22.03.2013 passed by the respondent herein vide proceedings in P.A.No.G.I.No.AABCN2036R/N-1001 relating to the Assessment Year 2007-08. 4. According to the petitioner, it is a company registered in terms of the provisions of the Indian Companies Act, 1956, engaged in the business of manufacture of Soaps, Detergents, Sulphuric Acid and Power Generation from Wind Mill. It maintains regular books of accounts and files returns of income under the provisions of the Income Tax Act. The return of income included the claim of depreciation at a rate of 80% and the same was in tandem with the claim in respect of earlier years. Along with the return of income for the Assessment Year 2005-2006, the petitioner exercised its option be....

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....12 furnished reasons for reopening of the assessment. 6. It is the case of the petitioner that the depreciation claimed is clearly reflected in the statement of income as well as Depreciation Schedule for the Wind Mill Division, which forms part of the return of income, and the issue had been specifically discussed and queried by the Assessing Officer. The averment of the assessing officer that the company had claimed higher depreciation on windmills in contravention of Rule 5(1A) is not correct. Further, the option to claim depreciation has been exercised in respect of the Assessment Years 2005-2006 and 2006-2007 and the same has been accepted by the Department. The petitioner would state that the claim for the year 2007-08 is thus in a....

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....ssail the impugned order on the ground that this Court after hearing her and looking into the apprehension made by her that if no interim order is granted by this Court, the Department may proceed against the petitioner under Section 147 of the Income Tax Act in view of the closing of the Financial Year 2012-2013, adjourned the matter to 02.04.2013 to hear the learned counsel for the parties on the material objections and granted an order of Status Quo till then. Such an order of Status Quo has not been looked into by the respondent. Therefore, the order is vitiated in law. 10. On the other hand, learned counsel for the respondent submits that in view of the closing of the financial year 2012-2013, the Assessing Officer had no other opti....