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TMI Blog2019 (5) TMI 34X X X X Extracts X X X X X X X X Extracts X X X X ..... alled prior to 01.04.2002, the assessee is entitled to the said additional depreciation under the said provisions of the Act. - Decided in favour of assessee. X X X X Extracts X X X X X X X X Extracts X X X X ..... rary decision of binding nature was brought before us. We, therefore, respectfully following the precedents decide this issue in favour of the Revenue and against the assessee." 3.The present appeal was admitted by a Co-ordinate Bench of this Court on 24.11.2009, on the above substantial questions law raised by the appellant / assessee. 4.The learned counsel for the assessee has submitted that the assessee's case is covered by two decisions of this Court in the case of Commissioner of Income Tax v. Hi Tech Arai Limited, in (2010) 321 ITR 477 (Mad) and in the case of Commissioner of Income Tax v. Texmo Precision Castings, in (2010) 321 ITR 481 (Mad). Both these decisions were rendered in a short period of two months. Relevant portions ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mill has nothing to do with the power industry, namely, manufacture of oil seeds etc. is totally not germane to the specific provision contained in Section 32(1)(iia) of the Act. In such circumstances, we are not able to appreciate the contention of the learned standing counsel for the appellant on the ground that the order of the Commissioner of Income-tax (Appeals) as confirmed by the Tribunal should be interfered with. It cannot also be said that setting up of a wind mill will not fall within the expression setting up of a new machinery or plant. We do not find any error in the conclusion of the Tribunal in confirming the order of the Commissioner of Income-tax (Appeals). We, therefore, do not find any question of law much less substan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Finance (No. 2) Act, 2002, w.e.f. 1-4-2003 and amended by the Finance (No. 2) Act, 2004, w.e.f. 1-4-2005, read as under : '(iia) in the case of any new machinery or plant (other than ships and aircraft), which has been acquired and installed after the 31st day of March, 2002, by an assessee engaged in the business of manufacture or production of any article or thing, a further sum equal to fifteen per cent of the actual cost of such machinery or plant shall be allowed as deduction under clause (ii) : Provided that such further deduction of fifteen per cent shall be allowed to- (A) a new industrial undertaking during any previous year in which such undertaking begins to manufacture or produce any article or thing on or after the 1st ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the purposes of this clause,- (1) "new industrial undertaking" means an undertaking which is not formed,- (a) by the splitting up, or the reconstruction, of a business already in existence; or (b) by the transfer to a new business of machinery or plant previously used for any purpose; (2) "installed capacity" means the capacity of production as existing on the 31st day of March, 2002;'" 6.Having heard the learned counsel for the parties and upon perusal of the aforesaid case laws and the provisions of the statute, viz. Section 32(1)(iia), we are of the opinion that the appeal in hand is covered by the aforesaid two decisions of the Co-ordinate Bench of this Court. Since the assessee satisfied the conditions for claiming additional ..... X X X X Extracts X X X X X X X X Extracts X X X X
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