https://www.taxtmi.com/caselaws?id=265258 The Tribunal dismissed the appeal for the assessment year 2010-11, upholding the disallowance of the claim for additional depreciation on machinery acquired in previous years. The decision emphasized that additional depreciation is only applicable to new machinery or plant installed in the relevant assessment year, in line with legislative intent to incentivize industries by providing extra depreciation for new assets upon installation. The ruling reiterated that once machinery is used and claimed for depreciation, it loses its status as new and is ineligible for additional depreciation in subsequent years, affirming previous decisions and legal interpretations. en-us Fri, 28 Aug 2015 00:00:00 +0530 Fri, 09 Oct 2015 07:41:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=265258 The Tribunal dismissed the appeal for the assessment year 2010-11, upholding the disallowance of the claim for additional depreciation on machinery acquired in previous years. The decision emphasized that additional depreciation is only applicable to new machinery or plant installed in the relevant assessment year, in line with legislative intent to incentivize industries by providing extra depreciation for new assets upon installation. The ruling reiterated that once machinery is used and claimed for depreciation, it loses its status as new and is ineligible for additional depreciation in subsequent years, affirming previous decisions and legal interpretations. Case-Laws Income Tax Fri, 28 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=265258