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2015 (3) TMI 846 - MADRAS HIGH COURT

2015 (3) TMI 846 - MADRAS HIGH COURT - [2015] 373 ITR 414 (Mad) - Entitlement to additional depreciation as per Section 32(1)(iia) - generation of electricity by wind mill amounts - ITAT allowed depreciation - Held that:- In the present case, the core business of the assessee is manufacturing and export of textile goods. During the assessment year 2006-07, the assessee had entered into the business of generation of power and installed one wind mill. The assessee maintained separate books of acco .....

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om the view of this Court in the decision of COMMISSIONER OF INCOME-TAX v. HI TECH ARAI LTD.(2009 (9) TMI 60 - MADRAS HIGH COURT) as it cannot be said that setting up of a wind mill will not fall within the expression setting up of a new machinery or plant - Decided in favour of assessee. - Tax Case (Appeal) Nos.121 and 122 of 2015 & M.P.No.1 of 2015 - Dated:- 17-3-2015 - R.Sudhakar And R.Karuppiah jj. For the Appellant : Mr.J.Narayanasamy Fore the Respondent : None Judgment (Delivered by R.SUDH .....

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consequently holding that the assessee is entitled for additional depreciation as per Section 32(1)(iia)?" 2. The brief facts of the case in a nutshell are as follows: The assessee is a partnership firm engaged in the business of textiles and generation and distribution of power. The assessee filed return of income claiming additional depreciation on windmill. The Assessing Officer disallowed the assessee's claim of additional depreciation on windmill under Section 32(1)(iia) of the Inc .....

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and CIT V. Hi Tech Arai Ltd., allowed the appeal. As against the same, the Revenue preferred an appeal before the Income Tax Appellate Tribunal, which dismissed the appeal following the decision of this Court in the case of CIT V. VTM Ltd. It is stated by the Tribunal that as against the said decision of this Court, the Revenue preferred an appeal before the Supreme Court and the Supreme Court dismissed the same in the SLP stage itself. Hence, the Tribunal held that no material has been brought .....

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on of Section 32(1)(iia) of the Income Tax Act, held as follows: "As far as application of section 32(1)(iia) of the Act is concerned, what is required to be satisfied in order to claim the additional depreciation is that the setting up of a new machinery or plant should have been acquired and installed after March 31, 2002 by an assessee, who was already engaged in the business of manufacture or production of any article or thing. The said provision does not state that the setting up of a .....

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