Held, that the assessee was eligible to claim depreciation in terms of Rule 5(1) and not Rule 5(1A) of the Income-tax Rules, 1962. The Assessing Officer was to allow the depreciation according to the written down value of the assets as opposed to the straight line method adopted in the assessment order. (AY. 2003-04,2006-07 to 2008-09)
Jindal Steel and Power Ltd. v. Add. CIT (2022) 97 ITR 516 (Delhi) (Trib)
S. 32 : Depreciation-Option to claim depreciation-Opting not to claim depreciation at rates specified in Appendix 1a-Eligible to claim depreciation according to Rule 5(1) and not Rule (5a)-The Assessing Officer is directed to allow W.D.V of depreciation. [R. 5(1), (1a), Appex. 1,IA]