https://www.taxtmi.com/caselaws?id=426247 The Appellate Tribunal upheld the decision of the Commissioner of Income Tax (Appeals) denying the assessee's claim for additional depreciation on exchange rate fluctuation loss on new Plant and Machinery. The Tribunal ruled that although the assessee capitalized the forex loss on assets purchased in earlier years, they were not entitled to claim additional depreciation under section 32(1)(iia) for subsequent financial years. Consequently, the appeal was dismissed, affirming that the assessee was not eligible for additional depreciation on the capitalized forex loss for the relevant assessment year. en-us Wed, 13 Jul 2022 00:00:00 +0530 Wed, 10 Aug 2022 09:30:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=426247 The Appellate Tribunal upheld the decision of the Commissioner of Income Tax (Appeals) denying the assessee's claim for additional depreciation on exchange rate fluctuation loss on new Plant and Machinery. The Tribunal ruled that although the assessee capitalized the forex loss on assets purchased in earlier years, they were not entitled to claim additional depreciation under section 32(1)(iia) for subsequent financial years. Consequently, the appeal was dismissed, affirming that the assessee was not eligible for additional depreciation on the capitalized forex loss for the relevant assessment year. Case-Laws Income Tax Wed, 13 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=426247