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2014 (1) TMI 591 - ITAT CHANDIGARHValidity of Revisionary order u/s 263 of the Act – Entitlement for Additional Depreciation - Conditions prescribed u/s 32(i)(ii) of the Act – Held that:- Section 32(1)(iia) was inserted by Finance Act, 2005 to grant further incentive, if any machinery etc was acquired and installed after 31st March, 2005 - It is to be seen that machinery on which assessee become eligible for additional depreciation was required not only to be acquired but also installed after a particular date i.e. 31.3.2005 - between the words acquired and installed, the conjunction used is 'and' and not 'or' which means both the conditions i.e. acquisition and installation has to take place after the specific date for getting eligibility to additional depreciation - The machine was acquired after this date which is in any case after 31.3.2005 - From the Octroi receipt and bill of entry for showing date of entry of goods in the country by the Customs Department makes it clear that machine could be installed only after that date i.e. 11.4.2005 - the assessee has acquired and installed the machinery after 31.3.2005 – Thus, entitled to additional depreciation as per provisions section 32(1)(iia) of the Act – revisionary order quashed – Decided in favour of Assessee.
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