https://www.taxtmi.com/caselaws?id=458218 Gujarat HC dismissed revenue's appeal regarding carbon receipts as capital receipts, following its earlier decision in 2020. On additional depreciation, the court held that when plant and machinery is used for less than 182 days, the assessee can claim only 10% additional depreciation in the purchase year and the remaining 10% in the subsequent assessment year. The court upheld CIT(A)'s allowance of remaining 10% additional depreciation for AY 2011-12, noting that the Finance Act 2015 clarified this position through third proviso to Section 32(1). Appeal decided against revenue. en-us Mon, 06 Jan 2020 00:00:00 +0530 Tue, 15 Oct 2024 20:00:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=458218 Gujarat HC dismissed revenue's appeal regarding carbon receipts as capital receipts, following its earlier decision in 2020. On additional depreciation, the court held that when plant and machinery is used for less than 182 days, the assessee can claim only 10% additional depreciation in the purchase year and the remaining 10% in the subsequent assessment year. The court upheld CIT(A)'s allowance of remaining 10% additional depreciation for AY 2011-12, noting that the Finance Act 2015 clarified this position through third proviso to Section 32(1). Appeal decided against revenue. Case-Laws Income Tax Mon, 06 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=458218