2009 (3) TMI 1006

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....Tribunal was justified in confirming the order of the first appellate authority granting additional depreciation under s. 32(1)(iia) of the IT Act, 1961. 2. We have heard standing counsel appearing for the appellant. 3. The respondent is a public sector company under Central Government engaged in manufacture and sale of newsprint. The plant in respect of which additional depreciation is claimed ....

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...., 2002; or (B) any industrial undertaking existing before the 1st day of April, 2002, during any previous year in which it achieves the substantial expansion by way of increase in installed capacity by not less than twenty-five per cent." 4. The above provision was later modified dispensing with the requirement of increase in installed capacity as a condition for eligibility for additional ....

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....osition there is nothing to indicate that the respondent-assessee cannot sell pulp as a product. The fact that pulp is an intermediary product and is generally consumed captively in the manufacture of newsprint does not mean that pulp is not a product that cannot be marketed by the respondent as and when they desire. There is no dispute that pulp is a marketable commodity. If there is reduction in....