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2021 (12) TMI 690 - AT - Income TaxAdditional depreciation claimed by the assessee company @ 10% in respect on new plant & machinery acquired by it after September 30, 2012 (AY 2013-14) - Number of days asset is used - quantum of additional depreciation allowable in respect of these assets was restricted to 50 percent of 20 percent of the actual cost of machinery in assessment year 2013-14 in view of the restrictive provision provided under the Act (i.e. as per the second proviso to section 32(1) - HELD THAT:- It is pertinent to note that this issue is already considered by the Hon’ble Madras High Court in case of Brakes India Pvt. Ltd. [2017 (4) TMI 511 - MADRAS HIGH COURT] and M/s Aztec Auto Pvt. Ltd. . [2020 (9) TMI 541 - MADRAS HIGH COURT] and further the additional depreciation claimed was already imbibed in Section 32(1) (iia) of the Act. Thus, the additional depreciation is allowable depreciation and the amendment is not applicable in present assessment year i.e. A.Y. 2014-15 in assessee’s case. Further, no distinguishing facts were presented before us by the Ld. DR. Therefore, Ground Nos. 1 and 2 are allowed.
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