2005 (12) TMI 77

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....- This appeal by the Revenue under section 260A of the Income-tax Act, 1961 (hereinafter referred to as "the Act"), is directed against the order dated May 17, 2004, passed by the Income-tax Appellate Tribunal, Chandigarh Bench-A (for short "the Tribunal"), in I.T.A. No. 562/Chandi of 2003, pertaining to the assessment year 1994-95. According to the Revenue, the impugned order gives rise to the fo....

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....d depreciation, etc. A similar issue came up for consideration of this court in CIT v. Chopra Bros. India P. Ltd. [2001] 252 ITR 412. The question for consideration in that case was whether an assessee was entitled to the claim of depreciation on machinery, when a net profit rate on contract receipts had been applied. Answering the question in favour of the assessee, this court opined that such....