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2022 (5) TMI 1066 - HC - Income TaxAdditional depreciation u/s.32(1)(iia) relating to the windmill installed - Whether generation of electricity should be equated to the term “manufacturing or production of article or thing”? - HELD THAT:- It is settled law that for the purpose of claiming additional depreciation for manufacture or production of new item under section 32(1)(iia), the basic requirement is that it should be acquired or installed after 31.03.2002. Admittedly, the appellant acquired the windmill after 31.03.2002. Taking note of all this court is of the opinion that the appellate authority has correctly set aside the assessment order and remanded the matter to the assessing officer for fresh consideration. Whereas, the Tribunal erred in setting aside the said order of the appellate authority, by order dated 30.03.2012 and hence, the same is liable to be set aside and is accordingly, set aside. Consequently, the matter is remanded to the assessing officer to recompute the depreciation allowable after duly allowing the claim made by the appellant for additional depreciation, in addition to the depreciation already allowed. Such order be passed by the assessing officer, on merits and in accordance with law, after providing an opportunity of personal hearing to the appellant, within a period of six weeks from the date of receipt of a copy of this judgment.
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