claim, made by the Assessee, with respect to balance 10% of additional depreciation, under Section 32(1)(iia) of the Act, was sustainable ... ought not to be disallowed the balance additional depreciation claimed at the rate of 10% for A.Y.2011-12, in respect of machinery purchased
rejection of the Assessee's claim to carry forward additional depreciation, in the year subsequent to the previous year, in which, the subject asset ... subjected to depreciation, and therefore, the Assessee is not permitted to calculate and provide for depreciation separately, qua, the asset, on which, additional depreciation
fact that it was not permitted to carry forward, the balance additional depreciation, to the following year, in which, the said asset had been installed ... said assessment year, the Assessee had restricted the additional depreciation to 50% of the total amount i.e., Rs.79,84,010/- as the plant
right of the assessee to carry forward the balance additional depreciation in the year following the relevant previous year, in which the subject asset ... under Section 263 of the Act ?
ii.Whether the allowance of additional depreciation by the Assessing Officer after eliciting replies from the assessee could
Also, for this reason, AO has denied the benefit of
Additional Depreciation. The AO restricted the rate of
depreciation as per Section ... restricted to 5% as against 7.5% claimed in return and
additional depreciation being disallowed. The amount of
disallowance thus would work out to
Amount
profits of the assessee to equalize the imbalance between lease rental
and depreciation created over a period of time. The lease equalization charge
was thus ... recognized the fact that lease equalization charge was a provision for
additional depreciation, crafted to reflect true and correct picture of the
profitability
submitted the remand report, dated 27.01.2012, concerning the
additional documents.
10.1 Based on the additional documents, the CIT(A) concluded that the
chemical recovery plant ... However, as argued by the Id. AR, the total depreciation
(including additional depreciation) claimed by the assessee for the above
plant
accepted by assessee. However, the A.O. has
erred is not allowing depreciation on account of increase in cost of
plant & machinery ... view of the above, depreciation
@15% and additional depreciation @20% has to be allowed as per
the provisions
Tribunal was correct in holding that the 50% of the remaining additional depreciation, pertains to the new machinery installed in the financial year
admitting the additional
ground raised by the assessee and thereby directing the Assessing
Officer to adjudicate upon the claim for depreciation on enhanced
cost ... fact that the
Tribunal admitted the additional ground raised by the assessee pertaining
to claim of depreciation on actual cost of assets after they were
