1989 (4) TMI 49

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.... S. S. SODHI J. -When depreciation is neither claimed nor the requisite particulars thereof furnished by the assessee, is the Income-tax Officer competent to suo motu allow it even against the wishes of the assessee ? Herein lies the controversy raised in this reference. The matter here relates to the assessment year 1976-77. The assessee, Friends Corporation, which is engaged in transport busi....

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....o allow depreciation. It is this view of the Tribunal that has led to the following questions being referred for the opinion of this court : "(i) Whether, on the facts and in the circumstances of the case, the .Appellate Tribunal was right in law in holding that the Income-tax Officer could not suo motu allow depreciation on the three tankers held by the assessee ? (ii) Whether, on the facts....

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.... made to Circular No. 29D(XIX-14) of 1965, dated August 31, 1965, issued by the Central Board of Direct Taxes which provides that where the required particulars have not been furnished by the assessee and no claim for depreciation has been made in the return, the Income-tax Officer should estimate the income without allowing depreciation allowance. Further, it was held that from the language of se....