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2014 (2) TMI 1363 - AT - Income TaxDisallowance of “additional depreciation” claimed on addition of rolls under the head “plant & Machinery.” - HELD THAT:- When ever new plant & Machinery is acquired or installed, additional depreciation is to be allowed. The conditions relating to allowance of additional depreciation in that case of new industrial undertaking has been dispensed with Finance Act, 2005 w.e.f. 1.4.2005. It cannot be doubted that rolls are part of machinery that is why normal depreciation of 80% has been allowed by the Assessing officer, therefore in our opinion, the assessee was also entitled to additional depreciation in terms of Sec 32(1)((iia) particularly in the light of para 3.6 of Circular No. 8 of 2008. Accordingly we set aside the order of the Ld. CIT(A) and direct the Assessing officer to allow additional depreciation - Appeal of the assessee is allowed.
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