Law: Income Tax Act, 1961

Section: 139

(a) Income-tax---Depreciation---Is a statutory allowance ---Assessee not furnishing particulars of depreciation for which a revised return filed---Open to ITO to grant allowance on basis of particulars available in original return ---ITO may not allow depreciation if particulars not filed---Indian Income Tax Act, 1961, Ss.32 & 34. (b) Income-tax----Depreciation---Claim for depreciation---Particulars of depreciation furnished in original return ---Assessee withdrawing claim for depreciation by filing revised return---Once particulars available, open to ITO to grant depreciation even if claim withdrawn in revised return---No omission or wrong statement in original return---Revised return cannot take place of original return ---CBDT Circular No. 29-D (XIX-14) of 1965, dated 31-8-1965, not applicable---Indian Income Tax Act, 1961, Ss.139(5), 32 & 34. (c) Income-tax----Depreciation---Expenditure capitalised during previous year relevant to assessment year 1976-77---Assessee entitled to depreciation on amount capitalised---Indian Income Tax Act, 1961, S.32. (d) Income-tax---Depreciation---Roads laid within factory premises--To be treated as part of factory building for purposes of depreciation---Indian Income Tax Act, 1961, S.32. (e) Income-tax----Depreciation---Plant and machinery---Laboratory equipment used to test chemicals, acids and gases---Chemicals so tested have acidic and alkali content and have corrosive effect---Machinery and plant came into contact with corrosive chemicals---Such machinery and plant entitled to depreciation at 15 percent. and not at 10 percent.---Indian Income Tax Act, 1961, S.32. The grant of depreciation is a statutory ,and even if the assessee had not furnished the particulars, it is open to the Income-tax Officer to grant the depreciation. So also it would be perfectly open to the Income-tax Officer to disallow the claim, if the assessee had not furnished the particulars. Where the assessee had furnished the particulars regarding the claim of depreciation in the original return and a revised return .was filed wherein the assessee withdrew its current years depreciation claimed in the original return the rev red return would…

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