https://www.taxtmi.com/caselaws?id=456013 ITAT Chennai dismissed Revenue's appeal regarding additional depreciation disallowance under section 32(1)(iia). The tribunal held that when plant and machinery operates less than 180 days, assessee can claim 10% additional depreciation in first year and balance 10% in subsequent year, following Rittal India Pvt. Ltd. precedent. On foreign currency gain characterization, matter was remanded to AO for verification of expansion project details. Section 14A disallowance was upheld following Cheminvest Ltd. decision, limiting disallowance to exempt income earned. Forward premium was correctly treated as capital expenditure under section 43A, following Elgi Rubber Products Ltd. and South India Viscose Ltd. precedents. en-us Wed, 17 May 2023 00:00:00 +0530 Fri, 21 Jun 2024 08:14:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456013 ITAT Chennai dismissed Revenue's appeal regarding additional depreciation disallowance under section 32(1)(iia). The tribunal held that when plant and machinery operates less than 180 days, assessee can claim 10% additional depreciation in first year and balance 10% in subsequent year, following Rittal India Pvt. Ltd. precedent. On foreign currency gain characterization, matter was remanded to AO for verification of expansion project details. Section 14A disallowance was upheld following Cheminvest Ltd. decision, limiting disallowance to exempt income earned. Forward premium was correctly treated as capital expenditure under section 43A, following Elgi Rubber Products Ltd. and South India Viscose Ltd. precedents. Case-Laws Income Tax Wed, 17 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456013