https://www.taxtmi.com/caselaws?id=241692 The Tribunal upheld the decision of the CIT(Appeals) to deny the claim of additional depreciation on machinery acquired in previous years. The assessees' argument that additional depreciation should be allowable beyond the initial year of acquisition was rejected, emphasizing that the legislative intent was to provide such depreciation only in the year of asset utilization. The Tribunal concluded that additional depreciation ceased once the machinery was put to use and dismissed the appeals, affirming the denial of additional depreciation. en-us Thu, 04 Apr 2013 00:00:00 +0530 Mon, 30 Dec 2013 08:59:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=241692 The Tribunal upheld the decision of the CIT(Appeals) to deny the claim of additional depreciation on machinery acquired in previous years. The assessees' argument that additional depreciation should be allowable beyond the initial year of acquisition was rejected, emphasizing that the legislative intent was to provide such depreciation only in the year of asset utilization. The Tribunal concluded that additional depreciation ceased once the machinery was put to use and dismissed the appeals, affirming the denial of additional depreciation. Case-Laws Income Tax Thu, 04 Apr 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=241692