CIT Vs. PUNJAB STATE ELECTRICITY BOARD

JUDGEMENT

(1.) THIS appeal has been preferred by the revenue under Section 260A of the Income Tax Act, 1961 (in short "the Act") against the order dated 31.10.2008 passed by the Income Tax Appellate Tribunal, Chandigarh Bench "A" (hereinafter referred to as "the Tribunal") in ITA No. 555/Chandi/2008, for the assessment year 1995 -96, claiming the following substantial question of law: -

(2.) WE have heard learned counsel for the parties.

(3.) THE claim of the assessee was that the items on which the depreciation was claimed valued less than Rs. 5000/ - each and, therefore, under the proviso to Section 32 of the Act, 100% depreciation was allowable.