https://www.taxtmi.com/caselaws?id=414217 The High Court upheld the ITAT decision, allowing the appeal against the order passed under Section 263 of the Income Tax Act. It affirmed the grant of additional depreciation on new plant and machinery for the Assessment Year 2009-2010, with the claim for the balance in the Assessment Year 2010-2011. The Court emphasized a liberal interpretation of beneficial legislation to promote industrialization, following precedents from Karnataka and Madras High Courts. The judgment clarified the availability of unclaimed depreciation in succeeding years and recognized this right through legislative amendments, dismissing the appeal for lack of substantial legal questions. en-us Tue, 26 Oct 2021 00:00:00 +0530 Sat, 30 Oct 2021 09:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=414217 The High Court upheld the ITAT decision, allowing the appeal against the order passed under Section 263 of the Income Tax Act. It affirmed the grant of additional depreciation on new plant and machinery for the Assessment Year 2009-2010, with the claim for the balance in the Assessment Year 2010-2011. The Court emphasized a liberal interpretation of beneficial legislation to promote industrialization, following precedents from Karnataka and Madras High Courts. The judgment clarified the availability of unclaimed depreciation in succeeding years and recognized this right through legislative amendments, dismissing the appeal for lack of substantial legal questions. Case-Laws Income Tax Tue, 26 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=414217