2014 (9) TMI 1120

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..... o embargo on the assessee to claim the balance additional depreciation in the subsequent year if in the first year the assessee was unable to claim 20% depreciation by virtue of proviso to section 32(1)(iia). Therefore, we direct the AO to allow the claim of depreciation of 10% in the year under consideration. ACIT vs. SIL Investment Ltd.(2012 (6) TMI 83 - ITAT DELHI) and DCIT vs. Cosmo Films Ltd. .....

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..... rn and twisted yarn. During the Financial Year 2007-08 assessee made additions to the plant and machinery. Assessee is entitled to claim additional depreciation at 20% under section 32(1)(iia) of the Income Tax Act. However, the plant and machinery having been held for less than 180 days during the financial year 2007-08, 50% of the total eligible limit can be claimed as deduction. In other words, .....

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..... year of purchase assessee can claim the balance depreciation in the subsequent year: - i) ACIT vs. SIL Investment Ltd. 54 SOT 54 (Del) ii) DCIT vs. Cosmo Films Ltd. 139 ITD 628 (Del) 5. The learned D.R., on the other hand, relied upon the orders passed by the Tax Authorities but could not place any decision on record in support of the view taken by the Tax Authorities that in the subsequent .....

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