Additional depreciation eligibility expanded to include power transmission, allowing transmission businesses to claim the deduction for new plant in the year acquired. The amendment adds the business of transmission of power to the class of undertakings eligible for the one-time additional depreciation deduction for new machinery or plant (excluding ships and aircraft) under section 32(1)(iia), extending the existing deduction available to manufacturers and power generators/distributors to transmission businesses on the same terms, with prospective effect for the notified assessment year.
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Provisions expressly mentioned in the judgment/order text.
Additional depreciation eligibility expanded to include power transmission, allowing transmission businesses to claim the deduction for new plant in the year acquired.
The amendment adds the business of transmission of power to the class of undertakings eligible for the one-time additional depreciation deduction for new machinery or plant (excluding ships and aircraft) under section 32(1)(iia), extending the existing deduction available to manufacturers and power generators/distributors to transmission businesses on the same terms, with prospective effect for the notified assessment year.
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