https://www.taxtmi.com/caselaws?id=203382 The court dismissed the appeal, ruling in favor of the Assessing Authority's decision to restrict depreciation to 50% under Section 32(1)(iia) of the Income-tax Act, 1961, in compliance with the second proviso to the Act. Additionally, the court upheld the Tribunal's decision to deny the deduction under Section 80IA for export incentives from the DEPB Scheme, citing the Supreme Court's ruling that such incentives do not qualify as "profits derived from industrial undertaking." The judgment emphasized adherence to statutory requirements and judicial precedents, leading to the dismissal of the appeal with no costs awarded. en-us Tue, 11 Jan 2011 00:00:00 +0530 Wed, 03 Jul 2013 10:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=203382 The court dismissed the appeal, ruling in favor of the Assessing Authority's decision to restrict depreciation to 50% under Section 32(1)(iia) of the Income-tax Act, 1961, in compliance with the second proviso to the Act. Additionally, the court upheld the Tribunal's decision to deny the deduction under Section 80IA for export incentives from the DEPB Scheme, citing the Supreme Court's ruling that such incentives do not qualify as "profits derived from industrial undertaking." The judgment emphasized adherence to statutory requirements and judicial precedents, leading to the dismissal of the appeal with no costs awarded. Case-Laws Income Tax Tue, 11 Jan 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=203382