TMI Blog2017 (4) TMI 411X X X X Extracts X X X X X X X X Extracts X X X X ..... set in issue based on which the Assessee can claim additional depreciation. The word 'new' which precedes 'machinery or plant' is indicative of the type of asset, on which, additional depreciation can be claimed. In our opinion, it does not, in any way, limit or restrict the claim for additional depreciation, to the previous year, in which, the said asset is installed and used. Accordingly, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lowing year, in which, the said asset had been installed and first put to use. 3.In the facts of the present case, the Assessee had acquired and put to use, plant and machinery worth ₹ 5,32,26,735/-, during the previous year relevant to the assessment year, AY 2003-04. 3.1.In the said assessment year, the Assessee had restricted the additional depreciation to 50% of the total amount i. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessment order. 3.8.It is, in this background, that the present appeal has been filed by the Assessee. 4.In so far as the issue, which has been raised by the Assessee, is concerned, it is already been dealt with, by us, in judgment delivered in : T.C.A.No.157 of 2017, titled: Commissioner of Income Tax, Madurai Vs. M/s.Shri T.P.Textiles Private Limited. 4.1.As a matter of fact, a per ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ken of by this Court. 6.1.It is, the learned counsel's contention that the expression new machinery or plantused in Section 32(1) (iia) of the Act, are clear indicative of the fact that balance depreciation cannot be carried forward. 7.According to us, this submission is untenable for the reason that the provision incorporates within itself certain attributes qua the asset in issue based ..... X X X X Extracts X X X X X X X X Extracts X X X X
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