Supreme Court Of India
CIT, Maharashtra vs. G. M. Knitting Industries (P.) Ltd.
Section : 32, 80-IB
Assessment year 2005-06
A.K. Sikri And Rohinton Fali Nariman, JJ.
Civil Appeal Nos. 10782 Of 2013 & 4048 Of 2014
July 24, 2015
ORDER
1. It would be suffice to reproduce para 2 of the impugned order whereby action of Income Tax Appellate Tribunal was held to be justified in allowing additional depreciation as claimed by the respondent-assessee herein: —
“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 [1994] 209 ITR 63 (Bom.), we see no merit in this appeal. The appeal is accordingly dismissed with no order as to costs.”
2. We concur with the aforesaid view of the High Court and hold that even if Form 3AA was not filed along with return of income but the same was filed during the assessment proceedings and before the final order of the assessment was made that would amount to sufficient compliance. These appeals are, accordingly, dismissed.
[Citation : 376 ITR 456]
