https://www.taxtmi.com/caselaws?id=405644 The High Court of Madras ruled in favor of the assessee, allowing the claim for additional depreciation under Section 32(1)(iia) of the Income Tax Act for the assessment year 2012-13. The Court held that the assessee, engaged in manufacturing and selling Pet Bottles, was entitled to claim additional depreciation for windmills installed to enable captive consumption of energy, even though wind energy generation was not their primary business. The Court emphasized that operational connectivity to the existing business was not a prerequisite for claiming additional depreciation, dismissing the Revenue's appeal. en-us Mon, 15 Mar 2021 00:00:00 +0530 Wed, 24 Mar 2021 09:10:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405644 The High Court of Madras ruled in favor of the assessee, allowing the claim for additional depreciation under Section 32(1)(iia) of the Income Tax Act for the assessment year 2012-13. The Court held that the assessee, engaged in manufacturing and selling Pet Bottles, was entitled to claim additional depreciation for windmills installed to enable captive consumption of energy, even though wind energy generation was not their primary business. The Court emphasized that operational connectivity to the existing business was not a prerequisite for claiming additional depreciation, dismissing the Revenue's appeal. Case-Laws Income Tax Mon, 15 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405644