TaxTMI 
TaxTMI 
2019 (5) TMI 34
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....39; Bench in ITA No.206/Mds/2008 dated 29.12.2008 for the Assessment Year 2003-2004, by which the learned Tribunal dismissed the assessee's appeal. "(a)Whether on the facts and in the circumstances of the case, the Tribunal was right in holding that the appellant was not entitled to additional depreciation u/s.32(1)(iia) of the Income Tax Act, in respect of windmill? (b)Whether on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the word "Article" does not include within its ambit "Power Generation"?" 2.The relevant findings of the learned Tribunal, whereby the Tribunal disallowed the claim of the assessee for additional depreciation of 15% on the investment made by the a....
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....Mad) and in the case of Commissioner of Income Tax v. Texmo Precision Castings, in (2010) 321 ITR 481 (Mad). Both these decisions were rendered in a short period of two months. Relevant portions from these judgments are quoted below for ready reference: (i)Commissioner of Income Tax v. Hi Tech Arai Limited, in (2010) 321 ITR 477 (Mad). "In the case on hand, the assessee is stated to have set up two wind mills in addition to the already existing four wind mills and thereby increased its power generation capacity by above 50 per cent. It is true that the assessee is a company engaged in the business of manufacture of oil seeds, moulded rubber parts, reed value assemblies apart from generation of power. After the installation....
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....new machinery or plant. We do not find any error in the conclusion of the Tribunal in confirming the order of the Commissioner of Income-tax (Appeals). We, therefore, do not find any question of law much less substantial question of law to entertain these appeals. These appeals fail and the same are dismissed. Consequently, M.P.No.1 of 2009 is also dismissed." (ii)Commissioner of Income Tax v. Texmo Precision Castings, in (2010) 321 ITR 481 (Mad): "The assessee was carrying on the business of castings for export and also generating and selling electricity from windmills. For the assessment year 2003- 04, the assessee claimed additional depreciation on new windmills installed under Section 32(1)(iia) of the Incometax Act, 1....
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....duction under clause (ii) : Provided that such further deduction of fifteen per cent shall be allowed to- (A) a new industrial undertaking during any previous year in which such undertaking begins to manufacture or produce any article or thing on or after the 1st day of April, 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 ten per cent: Provided further that no deduction shall be allowed in respect of- (a) any machinery or plant which, before its installation by the assessee, was used either within or outside India by any other pers....