Pramod Kumar, A.M. - (1.) 1. This is an appeal filed by the assessee, and is directed against CIT(A)s order dated 19-3-2001, in the matter, of assessment under section 143(3) of the Income Tax Act, 1961, for the assessment year 1998-99. The only issue involved in this appeal is whether or not the assessee has an option to claim depreciation allowance while computing deduction under section 80-IA of the Income Tax Act, 1961, in a case where the assessee has not claimed the depreciation in the books of account.
(2.) This issue is squarely covered by the Tribunals decision in the case of Plastiblends India Ltd. v. ITO (ITA No. 4542/Mum/1999, dated 10-2-2004), in favour of the assessee. Learned departmental Representative, however, contends that the Tribunal has subsequently taken a view in favour of the revenue, and urges us to follow the same. Our attention is invited to Tribunals decision in the case of Prince SWR Systems (P.) Ltd. v. Dy. CIT (IT Appeal No. 2811/Mum/2004, dated 10-9-2004), and to Tribunals decision in the case of ITO v. Venus Jewels (IT Appeal No. 3842/Mum/2001, dated 25-10-2004).
(3.) WE have heard the rival contentions, perused the material on record and duly considered the factual matrix of the case as also the applicable legal position.;