2009 (2) TMI 84

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.... referred the following question under Section 256(2) of the Income-tax Act, 1961 (the Act) at the instance of the applicant-revenue for Assessment Year 1988-89: "Whether the appellate Tribunal is right in law and on facts in confirming the order passed by the Dy C.I.T. (Appeals) directing the Assessing Officer to grant depreciation in view of the fact that concept of block of assets had been ins....

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.... use during the year under consideration. Deputy Commissioner (Appeals) has found that since Assessment Year 1988-89 depreciation is allowable on all assets falling within a block of assets as mentioned in Appendix-I of the Income-tax Rules, 1962. It has further been held that in light of the amended provisions w.e.f. Assessment Year 1988-89 individual items included in the block are not to be con....