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Vedanta Limited (Successor To Cairn ... vs Principal Commissioner Of Income ... on 19 March, 2018
cites
Section 80IB in The Income Tax Act, 1961 [Entire Act]
Commissioner Of Income Tax vs Mahendra Mills on 15 March, 2000
21. The Hon'ble Supreme Court in the case of Commissioner of
Income Tax Vs. Mahendra Mills (2000) 243 ITR 56 (SC), has
held that "if an assessee does not claim the depreciation and
does not furnish particulars for claiming depreciation, as
prescribed, depreciation cannot thrust upon him." To remedy
the situation flowing from such judgment, the Legislature
brought in Explanation 5 to Section 32 (ii) through the Finance
Act, 2001 w.e.f. 01.04.2002. The Explanation provides that the
"... provisions of this sub-section shall apply whether or not the
assessee has claimed deduction in respect of depreciation in
computing his total income". The effect of this Explanation is
that deduction on account of depreciation has to be
mandatorily allowed under Section 32 (ii) of the Act
notwithstanding the fact that assessee claims or does not claim
it in the computation of its total income.
Section 14A in The Income Tax Act, 1961 [Entire Act]
Goetze (India) Ltd. vs Cit on 24 March, 2006
"20. Having heard both the sides and perused the relevant
material on record, we find that the judgment of the Hon'ble
Supreme Court in the case of Goetze India Ltd. (supra) though
restricts the power of the Assessing Officer in entertaining a
new claim made before him otherwise then by way of a revised
return, but such decision does not affect the powers of the
appellate authorities in entertaining such a claim if it is legally
sustainable. However, we find that the on the facts and in the
circumstances of the case, the assessee does not deserve any
ITA 303/2018 & ITA 310/2018 Page 2 of 8
relief on this score.
Section 92C in The Income Tax Act, 1961 [Entire Act]
THE FINANCE ACT, 2021
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