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2014 (4) TMI 1082 - ITAT CHENNAIBenefit of additional depreciation - Held that:- The additional depreciation on new Plant & Machinery u/s.32(iia) has been allowed with a view to give boost to the manufacturing sector. Benefit of such additional depreciation is in addition to the normal depreciation which is allowed to all the assessees. However, the benefit of additional depreciation is given subject to certain conditions. The Delhi Bench of the Tribunal in the case of DCIT Vs. Cosmo Films Ltd., (2012 (9) TMI 281 - ITAT DELHI) and ACIT Vs. Sil Investment Ltd., (2012 (6) TMI 83 - ITAT DELHI ) has allowed the claim of assessee for 50% of additional depreciation u/s.32(i)(iia) in respect of new Plant & Machinery installed at the new eligible industrial undertaking where Plant & Machinery were put to use for less than 180 days in the year of installation and the assessee had claimed only 50% of the additional depreciation and the balance amount was claimed in the next year. On the other hand, Chennai Bench of the Tribunal in the case of DCIT Vs. Brakes India Ltd., (2012 (3) TMI 31 - ITAT, CHENNAI) and M/s.CRI Pumps (P) Ltd., Vs. ACIT (2013 (12) TMI 1357 - ITAT CHENNAI) has taken a contrary view. The Hon’ble Supreme Court of India in the case of CIT Vs. Vegetable Products Ltd., reported as ( 1973 (1) TMI 1 - SUPREME Court ) has held that where two views are available, the view in favour of the assessee has to be taken. Accordingly, following the view taken by the Delhi Bench in the case of DCIT Vs. Cosmo Films Ltd., (supra) and ACIT Vs. Sil Investment Ltd., (supra), we allow this ground of appeal of the assessee. The Assessing Officer is directed to grant benefit of additional depreciation to the assessee to the extent not claimed by the assessee in the earlier AY. - Decided in favour of assessee.
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