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2016 (1) TMI 663 - AT - Income TaxEntitlement for claim of depreciation - assessee claimed deprecation at 15% as per the provisions of Section 32(1) as well as additional depreciation at 20% as per the provisions of Section 32(1) (iia) on the electric installations - Held that:- It is pertinent to note that the assessee company has submitted all the details related to the electrical installation and its co-relation with the business activities of the assessee. The said installation was within the premises of the assessee. The assessee company has installed induction furnace and the same was reflected in the details of addition of fixed assets from 1/4/2005 to 31/3/2006 the same was annexed to the written submission by the assessee and the date of induction furnace was installed on 25/4/2005.Though, the security deposit was paid on 8/11/2004, the assessee has not claimed any depreciation in the earlier year. Therefore, the assessee has rightly claimed the depreciation in the year under consideration. The CIT (A) has given a detailed finding to this aspect. Therefore, the CIT (A) has rightly set aside the findings of the Assessing Officer and allowed the deprecation to the assessee. - Decided in favour of assessee
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