Plastiblends India Limited Through Its ... vs Addl.Commissioner Of Income Tax Range ...

The Supreme Court addressed the interpretation of Section 80-IA of the Income Tax Act, 1961, concerning the claim of depreciation. It held that the choice to claim depreciation under Section 32 is at the discretion of the assessee, as established in CIT v. Mahendra Mills, and that this choice impacts the computation of income under Section 80-IA. The Court ruled that the assessee's decision not to claim depreciation should be respected, leading to the conclusion that the income should be computed without mandatory deduction of depreciation, thus upholding the Tribunal's decision.