This view of the Tribunal has been affirmed by the impugned judgment of the High Court.
How is the depreciation to be companyputed in cases falling under Rule 8 of the Income tax Rules, 1962, which deals with taxability of companyposite income?
These are the two questions which arise for determination in this batch of civil appeals.
Background facts in Civil Appeal No.
This argument of the assessee came to be rejected by CIT A .
of 2009 Arising out of S.L.P. C No.13070 of 2007 The facts in all these civil appeals are similar.
Respondent assessee, at the relevant time, was in the business of growing and manufacturing of tea.
Applicability of Rule 8 is number in dispute.
Accordingly, by additional grounds which were allowed to be raised, the assessee sought a direction from CIT A to the AO to determine the written down value in accordance with the provisions of Section 43 6 b by deducting only 40 per cent of the depreciation companyputed at the prescribed rate, being depreciation actually allowed.
What is the meaning of the expression depreciation actually allowed in Section 43 6 b of the 1961 Act as it stood at the relevant time ?
Aggrieved by the decision, the assessee carried the matter in appeal to the Tribunal.
Hence this civil appeal s by way of special leave petition s is filed by the Department.
H. KAPADIA, J. Delay companydoned.
Leave granted.
This batch of civil appeals is directed against judgments dated 22.11.06 and 8.1.07 of the High Court of Guwahati, Assam, in appeals under Section 260A of the Income tax Act, 1961 in respect of assessment years 1988 89, 1989 90, 1990 91 and 1991 92.
In this case we are companycerned with the assessment year 1988 89.
