https://www.taxtmi.com/article/detailed?id=1992 The document analyzes the conflict between the main provision granting a one time initial or additional depreciation allowance on actual cost of qualifying new plant and machinery and a proviso that halves depreciation where assets are used for less than the requisite period, noting two interpretive paths: purposive construction to allow the full incentive in the year of acquisition, or a literal application that limits the first year allowance. It highlights the ITAT decision permitting carry forward of the unallowed balance as unabsorbed depreciation and recommends legislative amendment to clarify that the incentive is separate from written down value. en-us Tue, 01 Jan 2013 10:49:08 +0530 Tue, 01 Jan 2013 10:49:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=1992 The document analyzes the conflict between the main provision granting a one time initial or additional depreciation allowance on actual cost of qualifying new plant and machinery and a proviso that halves depreciation where assets are used for less than the requisite period, noting two interpretive paths: purposive construction to allow the full incentive in the year of acquisition, or a literal application that limits the first year allowance. It highlights the ITAT decision permitting carry forward of the unallowed balance as unabsorbed depreciation and recommends legislative amendment to clarify that the incentive is separate from written down value. Articles Income Tax Tue, 01 Jan 2013 10:49:08 +0530 https://www.taxtmi.com/article/detailed?id=1992