https://www.taxtmi.com/caselaws?id=435244 The HC dismissed the revenue's appeal challenging the Income Tax Appellate Tribunal's decision to allow additional depreciation for the assessment year 2006-07. The Court upheld the Tribunal's interpretation of Section 32(1)(iia) of the Income Tax Act, supporting the allowance of additional depreciation for new machinery or plant. The substantial question of law was resolved against the revenue. Additionally, the assessee's cross-objection regarding jurisdiction under Section 263 was deemed academic and disposed of, as the Tribunal's decision already favored the assessee. en-us Mon, 27 Feb 2023 00:00:00 +0530 Mon, 27 Nov 2023 10:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=435244 The HC dismissed the revenue's appeal challenging the Income Tax Appellate Tribunal's decision to allow additional depreciation for the assessment year 2006-07. The Court upheld the Tribunal's interpretation of Section 32(1)(iia) of the Income Tax Act, supporting the allowance of additional depreciation for new machinery or plant. The substantial question of law was resolved against the revenue. Additionally, the assessee's cross-objection regarding jurisdiction under Section 263 was deemed academic and disposed of, as the Tribunal's decision already favored the assessee. Case-Laws Income Tax Mon, 27 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=435244