https://www.taxtmi.com/caselaws?id=754116 ITAT Cochin-AT held that the Finance Act 2015 amendment to section 32(1)(ii) regarding additional depreciation is retrospective and clarificatory in nature. The amendment removing the 180-day restriction for additional depreciation on plant and machinery rectifies legislative intent, as the original provision created artificial discrimination between assessees based on usage days. The tribunal determined that since the qualifying conditions of acquisition and installation were met in the first year, the assessee is entitled to full additional depreciation regardless of usage duration, eliminating the discriminatory 50% restriction for assets used less than 180 days. en-us Thu, 28 Mar 2024 00:00:00 +0530 Mon, 17 Jun 2024 11:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754116 ITAT Cochin-AT held that the Finance Act 2015 amendment to section 32(1)(ii) regarding additional depreciation is retrospective and clarificatory in nature. The amendment removing the 180-day restriction for additional depreciation on plant and machinery rectifies legislative intent, as the original provision created artificial discrimination between assessees based on usage days. The tribunal determined that since the qualifying conditions of acquisition and installation were met in the first year, the assessee is entitled to full additional depreciation regardless of usage duration, eliminating the discriminatory 50% restriction for assets used less than 180 days. Case-Laws Income Tax Thu, 28 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754116