2015 (10) TMI 1597

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....ved by the impugned order dated 5th August 2013, of the learned first appellate authority, Mumbai, directing the Assessing Officer to allow the assessee to carry forward balance 50% of its claim of additional depreciation and allow it in the subsequent year, which is out of scope of the Income Tax Act, 1961 (hereinafter "the Act"). 2. During the hearing of this appeal, Shri Ajit Kumar Srivastava,....

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....er, leading to addition made to the total income, conclusion drawn in the impugned order, material available on record, assertions made by the ld. respective counsels, if kept in juxtaposition and analyzed, we note that the assessee declared total income as "nil" as per the normal provisions of the Act and total income at Rs. 21,86,10,388, u/s 115JB of the Act. The assessee company was assessed on....

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....10, the issue was decided in favour of the assessee. The Revenue is aggrieved and is in appeal before this Tribunal. We find that the provisions of section 32(1)(iia) of the Act, was introduced vide Finance Act, 2002 (effective from the assessment year 2003-04) with a view to give boost to the manufacturing sector, therefore, it was proposed to allow additional depreciation of a sum equal to 15% (....

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....purchased new plant and machinery in full but restricted to 50% in that particular year on account of period of usages. Such restrictions cannot divert the statutory right of the assessee. Identical ratio was laid down in ACIT v/s SIL Investment Ltd., 54 SOT (Del.) 54, which was duly followed by the Mumbai Bench of the Tribunal in MITC Rolling Mills Pvt. Ltd. v/s ACIT, (ITA no.2789/Mum./2013), ord....