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2016 (8) TMI 1167 - ITAT CHENNAIClaim of additional depreciation under section 32(1)(iia) - Held that:- As decided in assessee's own case [2016 (5) TMI 572 - ITAT CHENNAI] beneficial legislation, as in the present case, should be given liberal interpretation so as to benefit the assessee. In this case, the intention of the legislation is absolutely clear, that the assessee shall be allowed certain additional benefit, which was restricted by the proviso to only half of the same being granted in one assessment year, if certain condition was not fulfilled. But, that, in our considered view, would not restrain the assessee from claiming the balance of the benefit in the subsequent assessment year. The Tribunal, in our view, has rightly held, that additional depreciation allowed under Section 32(1)(iia) of the Act is a one time benefit to encourage industrialization, and provisions related to it have to be construed reasonably, liberally and purposively, to make the provision meaningful while granting additional allowance. Thus the assessee is entitled for remaining 10% of the depreciation during the year under consideration - Decided in favour of assessee.
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