https://www.taxtmi.com/caselaws?id=376186 The Supreme Court dismissed the Revenue's appeal against the disallowance of additional depreciation claimed by the assessee for Assessment Year 2011-2012. The Court held that electricity generated by the assessee qualifies as an article or thing, making it eligible for additional depreciation under Section 32(1)(iia) of the Income Tax Act, 1961. The Court emphasized that electricity possesses the necessary attributes of movable property, aligning with the requirements for the benefit. The amendment effective from 01.04.2013 explicitly included assessees engaged in power generation under Section 32(1)(iia), leading to the dismissal of the Revenue's appeal. en-us Mon, 18 Feb 2019 00:00:00 +0530 Mon, 30 Nov 2020 14:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=376186 The Supreme Court dismissed the Revenue's appeal against the disallowance of additional depreciation claimed by the assessee for Assessment Year 2011-2012. The Court held that electricity generated by the assessee qualifies as an article or thing, making it eligible for additional depreciation under Section 32(1)(iia) of the Income Tax Act, 1961. The Court emphasized that electricity possesses the necessary attributes of movable property, aligning with the requirements for the benefit. The amendment effective from 01.04.2013 explicitly included assessees engaged in power generation under Section 32(1)(iia), leading to the dismissal of the Revenue's appeal. Case-Laws Income Tax Mon, 18 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=376186