Tag: additional depreciation 32(1)(iia)

Additional depreciation on revenue expenditure on installation of plant and machinery allowable. ITAT directs AO to delete the addition ABCAUS Case Law Citation:ABCAUS 3165 (2019) (10) ITAT Important case law relied upon by the parties:Trichy Distilleries & Chemicals Ltd. vs. CIT reported in (1999) 235 ITR 194 Additional …

Additional depreciation on small items engaged in manufacturing of food products allowed. It cannot be denied for installing items at retail outlets ABCAUS Case Law Citation: ABCAUS 3020 (2019) (06) ITAT The appeal by the assessee was directed against the order passed by the Commissioner of Income-tax (Appeals) …

In a recent judgment, ITAT Chennai has held that the assessee is not entitled to additional depreciation u/s.32(1)(iia) of the Income Tax Act, 1961 on the machineries acquired in earlier year than the relevant financial year as there is no provision for postponement or carry forward of the residual …