https://www.taxtmi.com/caselaws?id=768167 ITAT Hyderabad ruled against the assessee engaged in power generation, transmission, and distribution business. The tribunal held that while the main provision of Section 32(1)(iia) allows 20% additional depreciation for power businesses, the proviso restricting enhanced 35% depreciation applies only to manufacturing/production of articles, not power businesses. The assessee was entitled only to 20% additional depreciation, not the enhanced rate. Similarly, deductions under Sections 32AC and 32AD were denied as the legislative intent specifically excluded power businesses from these beneficial provisions. Revenue's appeal was allowed. en-us Wed, 08 Jan 2025 00:00:00 +0530 Sat, 29 Mar 2025 11:57:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768167 ITAT Hyderabad ruled against the assessee engaged in power generation, transmission, and distribution business. The tribunal held that while the main provision of Section 32(1)(iia) allows 20% additional depreciation for power businesses, the proviso restricting enhanced 35% depreciation applies only to manufacturing/production of articles, not power businesses. The assessee was entitled only to 20% additional depreciation, not the enhanced rate. Similarly, deductions under Sections 32AC and 32AD were denied as the legislative intent specifically excluded power businesses from these beneficial provisions. Revenue's appeal was allowed. Case-Laws Income Tax Wed, 08 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768167