additional depreciation u/s.32(1)(iia)
This query is : Resolved
17 November 2009
client purchased new machinery in the month of march 2005 and claimed additional depre @10% [i.e. 50% of rate 20% as used for less than 180 days]. again client claimed rest 10% additional depreciation in the year 2006-07 A.Y.07-08.However AO disallow such claim o the ground that additional depreciation only allowed in the year of purchase only. My question is if AO is right then client claim full rate additional dep @20% or client right in his claim to get remaining 50% rate of additional depreciation in the next year i.e. 06-07.
thanking you,
manish patel
thanking you,
manish patel
17 November 2009
In the situation referred above additional depreciation @ 10 % only is eligible, as per the referred section, in the year of acquisition and installation of the machinery. Subsequent years claim is not in accordance with law. So , as per my understanding, the view of the ITO is correct.
17 November 2009
In my opinion additional depreciation can be claimed only in the in year of acquisition of the machinery.
03 May 2010
Agreed with BC
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