JAIPUR UDYOG LIMITED Vs. INCOME TAX OFFICER

JUDGEMENT

(1.) THE petitioner-company in this writ petition has challenged the notice issued by the ITO under s. 154 of the IT Act, 1961 ("the Act"), and made the following prayer,

(2.) THE assessment order was passed by the ITO on December 31, 1971, for the asst. yr. 1967-68, and allowed deduction to the petitioner amounting to Rs. 39,40,376 on account of depreciation on buildings machinery and plant and furniture and fittings as per rates prescribed by Appendix I, Part 1, of the IT Rules, 1922 ("the Rules") r/w r. 5 of these Rules.

(3.) AFTER service of the notice, the petitioner replied on November 10, 1972, to the above notice and explained that the rates of depreciation allowed in the assessment order were in accordance with the provisions of Part I of Appendix I. It was submitted that there was no mistake apparent on the record and, therefore, the proceedings should be dropped.