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2019 (4) TMI 978 - HC - Income TaxAssessment u/s 14A r.w.r. 8D - HELD THAT:- Disallowance is made in terms of Rule 8D, the Tribunal cannot provide for an adhoc formula. We, however, notice that the amount involved is not substantial and the discussion contained in the Judgment of the Tribunal would essentially point to the fact whether such disallowance at all was justified in view of subSection (2) of Section 14A of the Act. This question is, therefore, not considered. Additional depreciation of installation of windmill in terms of Section 32(1)(iia) - Assessee being engaged in manufacture of articles and things, such additional depreciation would be admissible, whether the installation of plant and machinery was in connection with such business or not - according to the Revenue, generation of electricity amounts to production of goods - HELD THAT:- Supreme Court in the case of Commissioner of Sales Tax, Madhya Pradesh, Indore Vs. Madhya Pradesh Electricity Board, Jabalpur [1968 (11) TMI 85 - SUPREME COURT OF INDIA] has held that electricity is goods within the meaning of the Sales Tax Act and the Excise Act. We do not find any reason to interfere with the view of the Tribunal. We make is clear that we have not examined the first contention of the Assessee in this respect namely additional depreciation under Section 32(1)(iia) would be available on installation of new plant and machinery, whether the same is for the purpose of Assessee’s manufacturing business as long as the Assesse is engaged in such activity.
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