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Sec. 32 & 115JB of Income Tax Act, 1961 – Depreciation – UPS is the part of computer, entitled for depreciation at 60% - Section 115JB does not apply to insurance companies.
Facts: Whether the Tribunal was justified in holding that UPS is the part of computer and entitled for depreciation at 60% ? and Whether the Tribunal was justified in holding that the provisions of 115JB which enables the companies to compute book profit may not be applicable to insurance companies ?”
Held, that Tribunal is correct in holding that UPS is the part of computer and entitled for depreciation at 60%. Second question was answered in favour of assessee by holding that Section 115JB does not apply to insurance companies – CIT Vs. CHOLAMANDALAM MS GENERAL INSURANCE [2020] 424 ITR 272 (MAD)