https://www.taxtmi.com/caselaws?id=292780 The case involved an appeal by the assessee against an order passed under section 263 of the Income Tax Act, 1961. The CIT found the additional depreciation claimed on plant and machinery to be erroneous as the assets were categorized as 'office equipments,' not eligible for additional depreciation. The CIT directed the Assessing Officer to verify the eligibility of assets for claiming additional depreciation under section 32(1)(iia). The Tribunal clarified that assets need to be used in manufacturing activity, not necessarily in the manufacturing process itself, to qualify for additional depreciation, partially allowing the appeal based on this interpretation. en-us Tue, 07 Jan 2020 00:00:00 +0530 Fri, 08 Jan 2021 01:59:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=292780 The case involved an appeal by the assessee against an order passed under section 263 of the Income Tax Act, 1961. The CIT found the additional depreciation claimed on plant and machinery to be erroneous as the assets were categorized as 'office equipments,' not eligible for additional depreciation. The CIT directed the Assessing Officer to verify the eligibility of assets for claiming additional depreciation under section 32(1)(iia). The Tribunal clarified that assets need to be used in manufacturing activity, not necessarily in the manufacturing process itself, to qualify for additional depreciation, partially allowing the appeal based on this interpretation. Case-Laws Income Tax Tue, 07 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=292780