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2019 (3) TMI 1821 - ITAT CHENNAICarry forward the balance additional depreciation to the following years - Whether additional depreciation can be allowed in the next year in case the same cannot be allowed in the earlier year? - HELD THAT:- As decided in own case [2016 (8) TMI 1167 - ITAT CHENNAI] the intention of the legislation is absolutely clear, that the assessee shall be allowed certain additional benefit, which was restricted by the proviso to only half of the same being granted in one assessment year, if certain condition was not fulfilled. But, that, in our considered view, would not restrain the assessee from claiming the balance of the benefit in the subsequent assessment year. As rightly held, that additional depreciation allowed under Section 32(1)(iia) of the Act is a one time benefit to encourage industrialization, and provisions related to it have to be construed reasonably, liberally and purposively, to make the provision meaningful while granting additional allowance. We are in full agreement with such observations made by the Tribunal.” Respectfully following the above decision of the Tribunal, we direct the Assessing Officer to allow the balance 50% of depreciation i.e., 10% additional depreciation as claimed by the assessee in the following assessment year - Ground raised by the assessee is allowed.
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