Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (9) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (9) TMI 2024 - AT - Income TaxDenial of Additional depreciation claim - plant and machinery used for a period less than 180 days - Assessee had claimed only 50% of the additional depreciation for which it was eligible, since the new plant and machinery on which such depreciation was claimed was put to use for a period less than 180 days in the previous year but Claim of the assessee for the balance additional depreciation for the impugned assessment year was declined - HELD THAT:- Issue in our opinion is squarely covered in favour of the assessee by the judgment of Jurisdictional High Court in the case of CIT vs. T.P. Textiles (P) Ltd [2017 (3) TMI 739 - MADRAS HIGH COURT] wherein as held upon a plain reading of the unamended provision, it could not be said that the Assessee could not claim balance depreciation in the A.Y., which follows the A.Y., in which, the machinery had been bought and used, albeit, for less than 180 days’’. We, are therefore of the opinion that assessee was eligible for claiming balance 10% of the depreciation in the impugned assessment year. AO is directed to allow such claim. Decided in favour of assessee.
|