Additional depreciation

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This query is : Resolved

NAVIN AGICHA (Querist)

21 April 2015 Year of acquisition and installation should be same or can be different for claiming additional depreciation?
As provision use word and I think it should be same year.
Kindly reply with supporting of case law etc

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)

26 April 2015 Can be claimed in the year of purchase if the asset is put to use in the same year.

Amendment in Budget 2015:

To remove the discrimination in the matter of allowing additional depreciation on plant or machinery used for less than 180 days and used for 180 days or more, it is proposed to provide that the balance 50% of the additional depreciation on new plant or machinery acquired and used for less than 180 days which has not been allowed in the year of acquisition and installation of such plant or machinery, shall be allowed in the immediately succeeding previous year. This amendment will take effect from 1st April, 2016 and will, accordingly, apply in relation to the assessment year 2016-17 and subsequent assessment years.

See more at: https://taxguru.in/income-tax/additional-depreciation-plant-machinery-180-days.html#sthash.vtswuAaF.dpuf

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