C.I.T-IV,COIBATORE vs M/S SHIVA DISTILLERIES LTD. — SLP(C) No. 19495/2012

Case Summary: CIT-IV, Coibatore v. M/S Shiva Distilleries Ltd. Outcome: The Supreme Court dismissed the Special Leave Petition filed by the Income Tax Department. The Court upheld the High Court's decision allowing the assessee depreciation on assets during a 21-month transition period (July 1987 to March 1989) following a statutory accounting period change. The Court found the assessment to be tax-neutral, as reduced depreciation in that year would result in increased depreciation in subsequent years, with no net tax impact to the company given its consistent corporate tax rate. This case analysis is maintained by casestatus.in based on publicly available court records.