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Section 32(1)(iia) - Additional Depreciation

Income Tax - Profit and Gains of Business or Profession - 11 - SEC - 32(1)(iia): ADDITIONAL DEPRECIATION Assessee who is engaged in business of production of any article or thing or generation, transmission or distribution of power are only eligible for additional depreciation. Deprciation is allowed in the case of any new machinery or plant other than ships and aircraft @ 20% of actual cost. Provided that no deduction shall be allowed in respect of- any second hand machinery or plant whether In .....

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o 10% of cost of new plant and machinery in the year it is acquired. As per the amendment, if the asset is put to use for less than 180 days in the year of acquisition, then additional depreciation would be 10% of the cost of acquisition in the first year and the balance 10% would be available in the immediately succeeding previous year. The amended provisions would be applicable from the AY 2015-16. For the earlier assessment years, one can take the shelter of the favorable judicial rulings. AD .....

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