2006 (10) TMI 99

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....urt by the Income Tax Appellate Tribunal, Chandigarh   Bench, Chandigarh, arising out of its order dated 8.8.1997 in ITA No.102/Chd/94, for the assessment year 1989-90:- "Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in confirming the order of the CIT(A) allowing depreciation as per income-tax Rules to the assessee for computing the quantum ....

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....ation actually debited could be allowed. The Tribunal upheld the said view. 3. We have heard learned counsel for the parties. 4. Learned counsel for the assessee has relied upon judgment of the Hon'ble Supreme Court in Apollo Tyres Limited v. Commissioner of Income Tax, (2002) 255 ITR 273, wherein, it was observed that words "in accordance with the provisions of Parts II and III of Schedule ....

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.... of the Act, depreciation could not be calculated as per provisions of the Income Tax Rules. Similar view has been taken by the Madhya Pradesh High Court in CIT v. Vandana Rolling Mills Limited, (1998) 234 ITR 693, Kerala High Court in CIT v. Malayala Manorama Company Limited, (2002) 253 ITR 378. The Gujarat High Court in Dy.Commissioner of Income tax(Asstt.) v. Vardhman Fabrics P. Limited, (2002)....