claimed u/s 32(1)(iia) and investment allowance claimed u/s 32AC .
During the year under consideration, the appellant has claimed
additional depreciation ... Further, the
appellant has also claimed investment allowance u/s 32AC on the
investment made in the various vehicles used in the activity of road
receipt not chargeable to tax.
6. Disallowance of investment allowance under section
32AC of the Act
6.1 The lower authorities have, in the facts ... investment allowance amounting to INR is 156,19,82,157
under section 32AC of the Act.
4 IT(TP)A No.70/Chny/2018
income claimed deduction of Rs.7,30,21,49,440/- under
section 32AC of the Act. The deduction claimed under section ... respect of three issues namely:
(i) Investment allowance claimed u/s.32AC of the Act;
(ii) Exemption claimed
Minister of Finance, the objective for which the
incentive u/s 32AC was introduced is to "quicken the
implementation of the projects ... installed during FY 2013-14 are
eligible for deduction u/s 32AC even if some of those plant
and machinery was acquired before 1st April
claimed as investment
allowance u/s. 32AC(1A) of the Income Tax Act, 1961 ignoring that the allowance of 15% under
this section ... dated 17.12.2019, by making disallowance of
deduction claimed u/s. 32AC(1A) of the Act.
4. The assessee was in appeal before
made by the Assessing Officer
by disallowing investment allowance u/s 32AC of the Act
without recognizing that the investment allowance u/s is
available ... instant case is related to claim of investment allowance u/s
32AC of the Act."
3. Brief facts of the case are that
Income Tax Act,1961
and investment allowance u/s 32AC disallowed and confirmed by
him, as per the grounds stated in the order or otherwise ... account of claim of
investment allowance u/s 32AC of the Income Tax Act 1961, as per
the grounds stated in the order or otherwise
such not eligible for addition depreciation and
investment allowance u/s 32AC .Thus,20% of additional depreciation ... investment allowance u/s 32AC of the IT Act claimed b y you for these
machineries were not allowable."
The assessee vide this notice
Officer has grossly erred not allowing
additional claim of deduction u/s 32AC of Rs. 40,30,472/-. The Ld.
CIT(A) has erred ... allowing the claim of deduction u/s 32AC .
2. On the facts and in the circumstances of the Respondent's case, in
view
stated that in respect of the claim of deduction
under section 32AC of the Act, the petitioner fled the
requisite details of `plant and machinery ... observed that
the petitioners' claim of deduction under section 32AC and
Shraddha Talekar
