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TMI Blog2015 (1) TMI 1248X X X X Extracts X X X X X X X X Extracts X X X X ..... ably and purposive - Held that:- Following the judgment of the Division Bench in (The Commissioner of Income Tax and another Vs. M/s. Rittal India Pvt.Ltd. [2016 (1) TMI 81 - KARNATAKA HIGH COURT ] wherein held additional depreciation allowed under Section 32(i)(iia) of the Act is a one time benefit to encourage industrialization, and the provisions related to it have to be construed reasonably, l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... visions has been construed reasonably and purposive without appreciating that the additional depreciation is allowed in the year of purchase and if in the year of purchase the assessee is eligible only for 50% depreciation, the balance 50% cannot be carried forward for the subsequent year or the claim cannot be allowed in any other year where the section 32(1)(iia) does not speak of any further de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tional depreciation under Section 32(1)(iia) was allowable only in the first year of purchase. The dispute Resolution Panel held that the claim of additional depreciation on assets installed during the period 1.10.2008 was allowable and directed allowance of additional depreciation claimed by the assessee under Section 32(1)(iia) of the Act. The Tribunal allowed the claim based on its own decision ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8/2014 (The Commissioner of Income Tax and another Vs. M/s. Rittal India Pvt.Ltd.). Therefore, he submitted that following the said judgment and for the reasons stated therein, this appeal may also be disposed of. 5. The above submission made by learned counsel appearing for appellants is placed on record. 6. Following the judgment of the Division Bench of this Court dated 24th November 2015 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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