https://www.taxtmi.com/caselaws?id=384469 The High Court upheld the ITAT's decision in favor of the assessee, allowing additional depreciation on the Captive Power Plant machinery. The court determined that electricity generation qualifies as the production of an article or thing, citing precedents that electricity is considered 'goods.' The court emphasized that denying additional depreciation to a power generating entity based on the argument that electricity is not an article or thing would be overly restrictive. The legislative amendment in 2012 explicitly included power generation entities for claiming additional depreciation, supporting the assessee's eligibility. en-us Tue, 06 Aug 2019 00:00:00 +0530 Tue, 13 Aug 2019 14:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=384469 The High Court upheld the ITAT's decision in favor of the assessee, allowing additional depreciation on the Captive Power Plant machinery. The court determined that electricity generation qualifies as the production of an article or thing, citing precedents that electricity is considered 'goods.' The court emphasized that denying additional depreciation to a power generating entity based on the argument that electricity is not an article or thing would be overly restrictive. The legislative amendment in 2012 explicitly included power generation entities for claiming additional depreciation, supporting the assessee's eligibility. Case-Laws Income Tax Tue, 06 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=384469