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2015 (5) TMI 647 - AT - Income TaxAdditional depreciation - Held that:- Respectfully following the judgment of CIT v. Texmo Precision Castings [2009 (10) TMI 140 - MADRAS HIGH COURT] we are of the view that the assessee is entitled for additional depreciation under section 32(1)(iia) on business of generation or generation and distribution of power as captive power plant to be used for the business of the assessee, i.e., manufacturing of polyester fibres and yarns. Accordingly, the assessee is entitled for additional depreciation under section 32(1)(iia) - Decided in favour of assesse. Revision u/s 263 - AO allowed additional depreciation at 7.5 per cent. on the value of general plant and machinery and also the claim of additional depreciation at 7.5 per cent. on the value of energy saving devices - Held that:- Revision u/s 263 need to be quased as assesse is entitled for additional depreciation under section 32(1)(iia) on business of generation or generation and distribution of power as captive power plant to be used for the business of the assessee, i.e., manufacturing of polyester fibres and yarns - Decided in favour of assesse
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