https://www.taxtmi.com/caselaws?id=800745 Additional depreciation is available for qualifying new plant and machinery acquired and installed after the prescribed date by an assessee engaged in manufacture or production. Generation of electricity through captive and wind power plants constitutes production because electricity is movable property capable of transmission, transfer, delivery and possession; machinery used to generate such power for manufacturing operations can therefore qualify. Revisionary jurisdiction requires an assessment order to be both erroneous and prejudicial to Revenue interests. Where the depreciation claim is legally allowable and correctly accepted, neither condition exists, so revision cannot displace the assessment. en-us Mon, 05 Oct 2026 00:00:00 +0530 Sat, 10 Oct 2026 08:32:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=800745 Additional depreciation is available for qualifying new plant and machinery acquired and installed after the prescribed date by an assessee engaged in manufacture or production. Generation of electricity through captive and wind power plants constitutes production because electricity is movable property capable of transmission, transfer, delivery and possession; machinery used to generate such power for manufacturing operations can therefore qualify. Revisionary jurisdiction requires an assessment order to be both erroneous and prejudicial to Revenue interests. Where the depreciation claim is legally allowable and correctly accepted, neither condition exists, so revision cannot displace the assessment. Case-Laws Income Tax Mon, 05 Oct 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=800745