https://www.taxtmi.com/caselaws?id=341441 The Court allowed the Assessee's appeal, holding that the term "new machinery or plant" in Section 32(1)(iia) of the Income Tax Act, 1961 did not restrict the claim for additional depreciation to the year of installation and use. The Court emphasized that the term "new" only referred to the type of eligible asset and did not limit the claim to the installation year. Previous judgments supported this interpretation, and the Court rejected the Revenue's argument against carrying forward balance depreciation. The Tribunal's decision was set aside, and no costs were ordered. en-us Tue, 14 Mar 2017 00:00:00 +0530 Sat, 08 Apr 2017 07:35:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=341441 The Court allowed the Assessee's appeal, holding that the term "new machinery or plant" in Section 32(1)(iia) of the Income Tax Act, 1961 did not restrict the claim for additional depreciation to the year of installation and use. The Court emphasized that the term "new" only referred to the type of eligible asset and did not limit the claim to the installation year. Previous judgments supported this interpretation, and the Court rejected the Revenue's argument against carrying forward balance depreciation. The Tribunal's decision was set aside, and no costs were ordered. Case-Laws Income Tax Tue, 14 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=341441