https://www.taxtmi.com/article/detailed?id=8379 Initial depreciation allowance under section 32(1)(iia) is an incentive requiring liberal purposive interpretation so that purchase and later installation of new plant and machinery do not defeat the benefit. The allowance is a one time deduction on actual cost and should not be reduced from Written Down Value, since doing so would convert the incentive into accelerated depreciation and frustrate legislative intent; remedial amendments permitting balance allowance in a subsequent year support retrospective application to preserve the incentive. en-us Fri, 15 Feb 2019 08:01:13 +0530 Fri, 15 Feb 2019 08:01:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=8379 Initial depreciation allowance under section 32(1)(iia) is an incentive requiring liberal purposive interpretation so that purchase and later installation of new plant and machinery do not defeat the benefit. The allowance is a one time deduction on actual cost and should not be reduced from Written Down Value, since doing so would convert the incentive into accelerated depreciation and frustrate legislative intent; remedial amendments permitting balance allowance in a subsequent year support retrospective application to preserve the incentive. Articles Income Tax Fri, 15 Feb 2019 08:01:13 +0530 https://www.taxtmi.com/article/detailed?id=8379