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2015 (10) TMI 1597 - ITAT MUMBAI

2015 (10) TMI 1597 - ITAT MUMBAI - TMI - Carry forward balance 50% of claim of additional depreciation to subsequent year - Held that:- The Delhi Bench of the Tribunal in DCIT v/s Cosmo Films Ltd. (2012 (9) TMI 281 - ITAT DELHI ), held that in section 32(1)(iia) of the Act, the expression used is "shall be allowed". Thus, the assessee company earned the benefit as soon as it has purchased new plant and machinery in full but restricted to 50% in that particular year on account of period of usages .....

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nd N. K. Billaiya, AM,JJ. For the Appellant : Ms Sonalee Godbole For the Respondent : Shri Ajit Kumar Srivastava ORDER Per Joginder Singh (Judicial Member) The Revenue is aggrieved by the impugned order dated 5th August 2013, of the learned first appellate authority, Mumbai, directing the Assessing Officer to allow the assessee to carry forward balance 50% of its claim of additional depreciation and allow it in the subsequent year, which is out of scope of the Income Tax Act, 1961 (hereinafter & .....

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ned order by submitting that the case is covered in favour of the assessee by the decision of the learned Commissioner of Income Tax (Appeals) itself for the assessment year 2009-10, which has been reproduced at Page-2 onwards of the impugned order. 3. We have considered the rival submissions and perused the material available on record. If the observation made in the assessment order, leading to addition made to the total income, conclusion drawn in the impugned order, material available on rec .....

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aimed additional depreciation u/s 32(1)(iia) of the Act. The learned Commissioner invoking revisional jurisdiction u/s 263 of the Act, directed the Assessing Officer not to allow carry forward of unclaimed depreciation pursuant to the direction disallowed the additional depreciation and restricted to 10% on the ground that the plant and machinery was put to use after 30th September 2006. Thus, the period is less than 180 days. Therefore, only restricted rate shall be applicable. On appeal, befor .....

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o 15% (over and above normal depreciation) of the actual cost of such plant and machinery acquired and installed after 31st March 2002. This was sort of incentive to the assessee to invest and acquire plant and machinery to expand the manufacturing capacity. The Finance Act, 2005, further amended section 32, to increase the rate of additional depreciation to 20% on new plant and machinery and dispensed with the condition of additional depreciation which to be allowed only to a new industrial und .....

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