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2016 (8) TMI 366 - ITAT MUMBAIValidity of order passed u/s 263 - whether the assessee was entitled or benefit of additional depreciation in the impugned order @30% u/s 32(1)(iia) - Held that:- As decided in the case of CIT vs Rittal India Pvt Ltd [2015 (1) TMI 1248 - KARNATAKA HIGH COURT ] that beneficial legislation, 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 cel1ain 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, has rightly held, that additional depreciation allowed under Section 32(1)(iia) of the Act is a one time benefit to encourage industrialization, and the provisions related to it have to be construed reasonably, liberally and purposively, to make the provision meaningful while granting additional allowance. We are in full agreement with such observations made by the Tribunal. Thus the view adopted by the ld.CIT is contrary to law and facts. The Assessing Officer had rightly allowed the benefit of additional depreciation in the year under consideration. Under these circumstances, the order passed by the ld.CIT is hereby quashed. - Decided in favour of assessee
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