https://www.taxtmi.com/caselaws?id=330982 The Tribunal overturned the Commissioner's order under section 263, ruling in favor of the assessee's entitlement to additional depreciation benefits under section 32(1)(iia) for plant and machinery acquired in the previous year but used for less than 180 days. The Tribunal emphasized the legislative intent to promote industrialization through such benefits, allowing for the carryover of the balance of additional depreciation to the subsequent assessment year. Consequently, the Tribunal set aside the Commissioner's order and upheld the Assessing Officer's decision to grant the additional depreciation benefit, ultimately ruling in favor of the assessee. en-us Wed, 29 Jun 2016 00:00:00 +0530 Wed, 10 Aug 2016 09:54:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330982 The Tribunal overturned the Commissioner's order under section 263, ruling in favor of the assessee's entitlement to additional depreciation benefits under section 32(1)(iia) for plant and machinery acquired in the previous year but used for less than 180 days. The Tribunal emphasized the legislative intent to promote industrialization through such benefits, allowing for the carryover of the balance of additional depreciation to the subsequent assessment year. Consequently, the Tribunal set aside the Commissioner's order and upheld the Assessing Officer's decision to grant the additional depreciation benefit, ultimately ruling in favor of the assessee. Case-Laws Income Tax Wed, 29 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330982