https://www.taxtmi.com/caselaws?id=751166 The ITAT Delhi upheld CIT(A)'s decision allowing investment allowance u/s 32AC and additional depreciation u/s 32(1)(iia) to an assessee engaged in lube oil blending. The AO had disallowed the claim arguing the assessee was not engaged in manufacturing/production and failed to meet the threshold investment limit. The ITAT held that blending of lube oil constitutes manufacturing/production activity, relying on SC precedent in Hindustan Petroleum Corporation Ltd. The tribunal found the assessee met all conditions including installation of new assets exceeding INR 100 crores during the specified period 2013-2015, with assets being capitalized and put to use in AY 2014-15. en-us Fri, 05 Apr 2024 00:00:00 +0530 Tue, 09 Apr 2024 08:23:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751166 The ITAT Delhi upheld CIT(A)'s decision allowing investment allowance u/s 32AC and additional depreciation u/s 32(1)(iia) to an assessee engaged in lube oil blending. The AO had disallowed the claim arguing the assessee was not engaged in manufacturing/production and failed to meet the threshold investment limit. The ITAT held that blending of lube oil constitutes manufacturing/production activity, relying on SC precedent in Hindustan Petroleum Corporation Ltd. The tribunal found the assessee met all conditions including installation of new assets exceeding INR 100 crores during the specified period 2013-2015, with assets being capitalized and put to use in AY 2014-15. Case-Laws Income Tax Fri, 05 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751166