The Commissioner Of Income Tax - 4, Mumbai v. Gm Knitting Industries P. Limited

1. Whether the Income Tax Appellate Tribunal was justified in allowing additional depreciation as claimed by the assessee, even though the assessee had not complied with the provisions of Section 32(1)(iia) of the Income Tax Act, 1961 is the question raised in this appeal?

2. Additional depreciation is denied to the assessee on the ground that the assessee has failed to furnish Form 3AA along with the return of income. Admittedly, Form 3AA was submitted during the course of assessment proceedings and it is not in dispute that the assessee is entitled to the additional depreciation. In these circumstances, in the light of the judgment of this Court in the case of Commissioner of Income-tax v. Shivanand Electronics reported in (1994) 209 ITR 93 (Bom), we see no merit in this appeal. The appeal is accordingly dismissed with no order as to costs.