https://www.taxtmi.com/caselaws?id=290209 The ITAT dismissed the Revenue's appeals, affirming the CIT(A)'s decision to allow the appellant's claim for additional depreciation under section 32(1)(iia) of the Income Tax Act, 1961. The Tribunal, referencing the Karnataka HC judgment, held that the unabsorbed 10% additional depreciation could be carried forward to subsequent assessment years, supporting a liberal interpretation to encourage industrialization. The Tribunal found no HC judgments favoring the Department's stance, thus ruling in favor of the assessee for the assessment years 2009-2010 and 2012-2013. en-us Wed, 21 Dec 2016 00:00:00 +0530 Thu, 14 Nov 2024 11:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290209 The ITAT dismissed the Revenue's appeals, affirming the CIT(A)'s decision to allow the appellant's claim for additional depreciation under section 32(1)(iia) of the Income Tax Act, 1961. The Tribunal, referencing the Karnataka HC judgment, held that the unabsorbed 10% additional depreciation could be carried forward to subsequent assessment years, supporting a liberal interpretation to encourage industrialization. The Tribunal found no HC judgments favoring the Department's stance, thus ruling in favor of the assessee for the assessment years 2009-2010 and 2012-2013. Case-Laws Income Tax Wed, 21 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290209