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TMI Blog2014 (4) TMI 1082X X X X Extracts X X X X X X X X Extracts X X X X ..... tion u/s.32(i)(iia) in respect of new Plant & Machinery installed at the new eligible industrial undertaking where Plant & Machinery were put to use for less than 180 days in the year of installation and the assessee had claimed only 50% of the additional depreciation and the balance amount was claimed in the next year. On the other hand, Chennai Bench of the Tribunal in the case of DCIT Vs. Brakes India Ltd., (2012 (3) TMI 31 - ITAT, CHENNAI) and M/s.CRI Pumps (P) Ltd., Vs. ACIT (2013 (12) TMI 1357 - ITAT CHENNAI) has taken a contrary view. The Hon’ble Supreme Court of India in the case of CIT Vs. Vegetable Products Ltd., reported as ( 1973 (1) TMI 1 - SUPREME Court ) has held that where two views are available, the view in favour of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 22-03-2008 declaring total income as ₹ 10,48,52,156/-. The case of the assessee was selected for scrutiny and notice u/s.143(2) of the Income Tax Act, 1961 (herein after referred to as the Act ) was issued to the assessee on 21-07-2008. In scrutiny assessment, the Assessing Officer made dis-allowance u/s.14A vide order dt.21-12-2009. 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) following the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... CRI Pumps (P) Ltd., Vs. ACIT (ITA No.1824/Mds/2010 A.Y.2007-08) decided on 04-04-2013. 5. We have heard the submissions made by the representatives of both the sides. We have also perused the orders of the authorities below as well as the decisions relied on by the representatives in support of their contentions. The additional depreciation on new Plant Machinery u/s.32(iia) has been allowed with a view to give boost to the manufacturing sector. Benefit of such additional depreciation 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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