2020 (3) TMI 1031

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.... Counsel For the Respondent : Mrs. S. Sriniranjani For M/s.G.Baskar M.P.Senthilkumar JUDGMENT (Judgment of the Court was delivered by DR.VINEET KOTHARI, J.) Both the learned counsels submit that the controversy involved in the present case is covered by a decision of this Court in the case of CIT Vs. Kikani Exports (P.) Limited [2014] 369 ITR 500 (Madras) and in the case of CIT Vs. ABT....

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.... decided the issue by following the decision of the Chennai Bench of the Tribunal cited herein above because in the case of the assessee the claim was made in the return of income as well as reflected in the audit report filed along with the return of income, therefore it would amount to exercise of the option as required under Second proviso to Rule-5(1A) and accordingly depreciation @ 80% on the....

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....cordingly, we hereby confirmed the order of the Ld. CIT (A)." 4.A Coordinate Bench of this Court in the case of CIT Vs. Kikani Exports (P) Ltd. (supra) held in paras 20 and 21 as under: "20. A reading of the above-said decision of the Bombay High Court makes it clear that if the assessee exercised the option in terms of second proviso to Rule 5(1A) of the Income Tax Rules at the time o....

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....ijaya Hirasa Kalamkar (HUF), held as follows: "20. A reading of the above-said decision of the Bombay High Court makes it clear that if the assessee exercised the option in terms of second proviso to Rule 5(1A) of the Income Tax Rules at the time of furnishing of return of income, it will suffice and no separate letter or request or intimation with regard to of exercise of option is requi....