Disallowance of additional depreciation claimed u/s 32(1)(iia) - ...

Taxpayer Wins: Additional Depreciation u/s 32(1)(iia) Allowed for Machinery Not Directly Used in Manufacturing.

February 10, 2022

Case Laws Income Tax AT

Disallowance of additional depreciation claimed u/s 32(1)(iia) - We are convinced with the alternative contention of the assessee. We have earlier noticed that the A.O. has allowed additional depreciation on machineries used for manufacture of butter, ghee, pedha, etc., which clarifies that the assessee is engaged in the business of manufacture or production of any article or thing. Hence, as per the ratio laid down by coordinate bench in the case of Texas Instruments Ltd. (supra), the assessee would be eligible for additional depreciation on other machineries also, even if those machineries are not used in the manufacture or production of article or thing. - AT

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Disallowance of additional depreciation claimed u/s 32(1)(iia) - ...

Taxpayer Wins: Additional Depreciation u/s 32(1)(iia) Allowed for Machinery Not Directly Used in Manufacturing.

February 10, 2022

Case Laws Income Tax AT

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