PLASTIBLENDS INDIA LIMITED THROUGH ITS CHAIRMAN AND MANAGING DIRECTOR vs ADDL.COMMISSIONER OF INCOME TAX RANGE 8(2) MUMBAI

The Supreme Court addressed the interpretation of Section 80-IA of the Income Tax Act, 1961, concerning the claim of depreciation. It held that while Section 32 allows for the choice of claiming depreciation, Section 80-IA mandates that such depreciation must be considered when computing income for the purpose of deductions. The Court ruled that the Assessing Officer's decision to include depreciation in the computation of total income was valid, thereby upholding the reassessment order under Section 143(3) read with Section 147 of the Act.