https://www.taxtmi.com/caselaws?id=433950 The High Court upheld the ITAT's decision allowing the Respondent's claims for additional depreciation on new plant or machinery in subsequent years. The Court emphasized that Section 32(1)(iia) of the Income Tax Act does not restrict claiming additional depreciation to the first year, promoting industrialization. The appeals were also dismissed as non-maintainable under Circular No. 3 of 2018, as the Revenue failed to show acceptance of the audit objection. The Court's ruling confirmed the availability of additional depreciation in subsequent years and the dismissal of the appeals due to non-maintainability. en-us Thu, 09 Feb 2023 00:00:00 +0530 Mon, 13 Feb 2023 11:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=433950 The High Court upheld the ITAT's decision allowing the Respondent's claims for additional depreciation on new plant or machinery in subsequent years. The Court emphasized that Section 32(1)(iia) of the Income Tax Act does not restrict claiming additional depreciation to the first year, promoting industrialization. The appeals were also dismissed as non-maintainable under Circular No. 3 of 2018, as the Revenue failed to show acceptance of the audit objection. The Court's ruling confirmed the availability of additional depreciation in subsequent years and the dismissal of the appeals due to non-maintainability. Case-Laws Income Tax Thu, 09 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=433950