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2016 (5) TMI 720 - AT - Income TaxDisallowance of additional depreciation - asset put to use - Held that:- The Parliament by Finance Act, 2015 introduced third proviso to Section 32(1)(ii) of the Act providing for carry forward of the balance 50% of depreciation in the immediately succeeding previous year in respect of the asset. Probably, the Parliament might have taken the decision to incorporate third proviso to Section 32(1)(ii) after considering the conflicting judicial opinions on the subject. Whatever may be the reasons, in view of the decision of co-ordinate Bench of this Tribunal in Automotive Coaches & Components Ltd. (2016 (4) TMI 34 - ITAT CHENNAI ), this Tribunal is of the considered opinion that the assessee is eligible for remaining 10% of depreciation during the year under consideration. Accordingly, the orders of the lower authorities are set aside and the Assessing Officer is directed to allow the balance 50% depreciation namely 10% of additional depreciation during the year under consideration. - Decided in favour of assessee
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