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2016 (1) TMI 233 - HC - Income TaxEntitlement to 50% of the depreciation only on the plant and machinery in the Picture Tube Division at Pitampur (MP) - CIT(A) allowed 100% claim - Held that:- In the present appeal, admittedly the machinery has been purchased in an earlier assessment year but during the previous year under consideration, it has been used for a period less than 180 days. As the language of the third proviso is explicit and unambiguous, the only interpretation is that if the asset was acquired in the previous year 1991-92 and was used for less than 180 days in that previous year, then only the depreciation admissible could be curtailed. As in this case, the assets were acquired in the previous year i.e. 1990-91, learned Assessing Officer was not justified in curtailing the depreciation to 50%. - Decided in favour of assessee Deduction under section 80HH and 80I without adjusting the losses of other loss making industrial undertakings of the same assessee with the profit of eligible profit making units - Held that:- As decided in Bajaj Motors P.Limited vs. Commissioner of Income Tax [2011 (3) TMI 475 - PUNJAB AND HARYANA HIGH COURT] in computing the quantum of deduction under section 80I of the Act, out of the profits and gains of unit No.1, the loss incurred in another independent unit No.2 should be set off against the profits of unit No.1. - Decided in favour of revenue
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