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2021 (2) TMI 352 - AT - Income TaxTP adjustment to the arm's length price of sale of raw materials and goods - HELD THAT:- As relying on own case [2019 (6) TMI 1577 - ITAT MUMBAI] we direct the Assessing Officer to compare the export segment of the assessee as per the segmental P&L accounts with the profit margin of the comparables selected by TPO by applying any allocation key and determine the ALP accordingly. This ground is allowed, as indicated above. Disallowance of additional depreciation claimed under section 32(1)(iia) - Unclaimed additional depreciation - asset put to use - HELD THAT:- The facts on record clearly reveal that in Assessment Year 2012-13 the assessee had purchased new plant and machinery on which additional depreciation @20% is allowable. However, since the plant and machinery were put to use for a period of less than 180 days in Assessment Year 2012-13, the additional depreciation was restricted to 50% of the admissible amount. In other words, depreciation was allowed @10%. The balance unclaimed additional depreciation was claimed by the assessee in the impugned assessment year. Now, the law is fairly well settled that the balance unclaimed amount of additional depreciation has to be allowed to the assessee in the immediately succeeding assessment year. As decided in M/S RITTAL INDIA PVT. LTD. (NO. 1) [2016 (1) TMI 81 - KARNATAKA HIGH COURT], SHRI T.P. TEXTILES PRIVATE LIMITED [2017 (3) TMI 739 - MADRAS HIGH COURT] and M/S. GODREJ INDUSTRIES LTD., [2018 (12) TMI 64 - BOMBAY HIGH COURT] the amendment made to section 32(1)(iia) by Finance Act, 2015 being clarificatory in nature would apply retrospectively. - Decided in favour of assessee.
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