https://www.taxtmi.com/caselaws?id=327658 The case involved a dispute over the allowance of additional depreciation claimed in a revised return filed after the due date. The Tribunal ruled in favor of the assessee, stating that if the claim is lawful, it should be allowed even if filed belatedly. Regarding the eligibility for additional depreciation on plant and machinery acquired and installed after a specific date, the Tribunal held that as the machinery was not new in the relevant assessment year, additional depreciation could not be granted. The Tribunal emphasized that additional depreciation is only for new assets put to use in the same year. Ultimately, the Tribunal partially allowed the Revenue's appeal based on these findings. en-us Wed, 06 Apr 2016 00:00:00 +0530 Fri, 13 May 2016 22:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=327658 The case involved a dispute over the allowance of additional depreciation claimed in a revised return filed after the due date. The Tribunal ruled in favor of the assessee, stating that if the claim is lawful, it should be allowed even if filed belatedly. Regarding the eligibility for additional depreciation on plant and machinery acquired and installed after a specific date, the Tribunal held that as the machinery was not new in the relevant assessment year, additional depreciation could not be granted. The Tribunal emphasized that additional depreciation is only for new assets put to use in the same year. Ultimately, the Tribunal partially allowed the Revenue's appeal based on these findings. Case-Laws Income Tax Wed, 06 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=327658