Additional Depreciation on Machinery - 32(1)(iia)
This query is : Resolved
16 October 2007
The assessee Company is a trading Company during the financial year 2005 - 06. Trading of Foundry Chemicals.During the financial year 2006 - 07 it started manufacturing during Feb 2007 of one of the products trading like "Sleeves". The New Machinery cost around Rs.35 lacs.Manufacturing of Sleeves started during Feb 07 end.It is new machinery assembled with necessary parts to make the machinery running to manufacture the required product "sleeves". Can the assessee claim additional depreciation under Section 32 (1)(iia) of 20% for six months? (apart from the normal depreciation of 15% for six months)Manufacturing Unit at SIDCO Industrial Estate, Chennai, Tamil Nadu
16 October 2007
yes....
16 October 2007
Yes He can i.e 50% of 20% as depreciation
16 October 2007
yes the company can claim additional depreciation
16 October 2007
The Company can claim additional Depreciation. However, Form 3AA has to be submitted.
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