2023 (3) TMI 630

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ny new (and not any old) machinery or plant acquired or installed is eligible for additional depreciation - HELD THAT:- It cannot be disputed by the revenue that substantial question of law, admitted for consideration in this appeal, has been answered against the revenue. Several decisions have been referred to in this connection, in the case of Principal Commissioner of Income Tax, Central - 1, K .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ribunal) in ITA No.560/Kol/2010 for the assessment year 2006-07. The appeal was admitted on 14th August, 2015 to decide the following substantial question of law: Whether on the facts and in the circumstances of the case the Tribunal was not justified in allowing the claim of additional depreciation in the subsequent year because as per provisions of Section 32(1)(iia) any new (and not any .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... Tax, Chennai Vs. Aztec Auto (P.) Ltd., reported in [2020] 119 taxmann.com 215 (Madras). Following the said decision, the substantial question of law has to be answered against the revenue. We find that the assessee has filed a cross-objection in OCOT/13/2015 contending that the assessee had raised the ground that the proceedings initiated by the PCIT under Section 263 of the Act, without ju .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X