1993 (1) TMI 17

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....f the case, the Incometax Appellate Tribunal was justified in law in allowing the claim of the assessee for depreciation on scientific research and development equipment? " Messrs. Belpahar Refractories Private Limited (hereinafter referred to as "the assessee"), filed its return of income for the assessment years 1978-79 and 1979-80. During the said assessment years, it claimed depreciation at the rate of ten per cent. on research and development equipment valued at Rs. 11,16,404 and Rs. 10,73,826, respectively. The Income-tax Officer, Ward 'A', Sambalpur, and the Inspecting Assistant Commissioner, Income-tax (Assessment), Bhubaneswar, who made the assessments, rejected the assessee's claim for these years holding that the research and de....

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....ciation, university, college or other institution referred to in clause (ii) or clause (iii) shall make an application in the prescribed form and manner to the prescribed authority for the purpose of grant of approval, or continuance thereof, under clause (ii) or, as the case may be, clause (iii) : Provided further that the prescribed authority may, before granting approval under clause (ii) or clause (iii), call for such documents (including audited annual accounts) or information from the scientific research association, university, college or other institution as it thinks necessary in order to satisfy itself about the genuineness of the activities of the scientific research association, university, college or other institution and that....