2014 (4) TMI 1082

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....t : Shri T.N.Betgeri, JCIT ORDER PER VIKAS AWASTHY, J.M: The appeal has been filed by the assessee against the order of the Commissioner of Income Tax(Appeals)(C)-II, Chennai dated 28-10-2013 relevant to the Assessment Year (AY) 2007-08. The appeal has been filed with a delay of five days. An affidavit citing reasons for delay in filing of the appeal has been filed by the assessee. We hav....

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....-12-2009. Subsequently, the Assessing Officer revised his order u/s.154 and dis-allowed additional depreciation of 10% on the ground that additional depreciation u/s.32(iia) is allowable only in the year in which the new Plant & Machinery is first put to use. Aggrieved against the order dated 21-02-2011 passed u/s.154, the assessee preferred an appeal before the CIT(Appeals). The CIT(Appeals) f....

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....40 (Del); ACIT Vs. Sil Investment Ltd., reported as 148 TTJ (Del) 213; and M/s.MITC Rolling Mills P. Ltd. Vs. ACIT (ITA No.2789/Mum/2012) decided on 13-05-2013. In all the cases relied upon, the Tribunal has held that the assessee is entitled to claim remaining 50% additional depreciation in case the assessee has claimed 50% additional depreciation on new asset in the preceding AY. 4. On the ot....

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....ciation is in addition to the normal depreciation which is allowed to all the assessees. However, the benefit of additional depreciation is given subject to certain conditions. The Delhi Bench of the Tribunal in the case of DCIT Vs. Cosmo Films Ltd., (supra) and ACIT Vs. Sil Investment Ltd., (supra) has allowed the claim of assessee for 50% of additional depreciation u/s.32(i)(iia) in respect of n....