2020 (11) TMI 52 - MADRAS HIGH COURT - Income Tax

Head Note / Extract:
Carry forward of balance additional depreciation to the following years - whether tribunal was right in holding additional depreciation can be allowed in the next year in case the same cannot be allowed in the earlier year? - HELD THAT:- Substantial questions of law raised for consideration have been answered against the revenue in C.I.T. Vs. Aztec Auto (P.) Ltd., [2020 (9) TMI 541 - MADRAS HIGH COURT] wherein held that where the assessee had claimed arrears on depreciation under Section 32(1)(iia) in respect of asset under head 'plant and machinery' acquired in second half of the financial year 2007-2008, for which additional depreciation at ten percentage was allowed for the assessment year 2008-2009, the same held to be eligible. - Decided against the revenue.