2016 (9) TMI 1554

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....6, ITA 493/2016, ITA 494/2016 - -<br>Income Tax<br>HON&#39;BLE MR. JUSTICE S. RAVINDRA BHAT AND HON&#39;BLE MS. JUSTICE DEEPA SHARMA For the Appellant : Mr. P. Roy Chaudhuri, Senior standing counsel For the Respondent : Ms. Kavita Jha, Ms.Roopali Gupta and Mr.Bhuwan Dhoopar, Advocates ORDER 1. These matters have been taken up today as 13.09.2016 was declared holiday on account of Id-ul-Zuha. ....

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....y a plain reading of the rule of concerned provision i.e. Part A, under Appendix 1, Clause III (8) (ix) (B) (e) of the Income-tax Rules, 1962. The revenue had urged that the appropriate rate of depreciation would be 25% as against which the assessee had claimed 80% depreciation in view of the rule. 7. This court is of the opinion that having regard to the fact that ITAT went by the text of the ru....

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.... CIT {1961} 41 ITR 608 (SC). 9. As far as the change in the method of valuation is concerned, the ITAT permitted the assessee to adopt the moving average methodology. The ITAT noted that the previous method adopted by the assessee was First In First Out (FIFO) in terms of AS2. However, they changed that method from 2005-2006 onwards. The ITAT concurred with the CIT (A)'s decision that the assesse....