2011 (12) TMI 632

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....aras Savla ORDER 1. Two questions of law are raised by the Revenue in this appeal which read thus :- (a) Whether, on the facts and in the circumstances of the case and in law the ITAT is right in not allowing the depreciation to be allowed in computing the gross total income before allowing the deduction under Chapter VIA, following the recent judgment of this Court in the case of S....

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....e-tax Act, 1961. However, in the assessment year, in question, the assessee computed deduction under Chapter VIA after taking into account the depreciation allowable under the Act. The Assessing Officer was of the opinion that the depreciation has to be computed on the written down value of the asset computed in the earlier assessment years by thrusting depreciation upon the assessee. Admittedly, ....