Major overhaul - Depreciation rate

We have heavy earth movers like dumpers,shovels etc. Presently we have assigned the life of 8.83 years i.e 106 months as per the Companies act. After doing major overhaul after expiry of the life, the life of the equipement has gone up by another 3 years. Whether depreciation is required to be provided by capitalising the overhauling cost ? If so, the same asset is getting depreciated twice. Whether the Company law/Income Tax will accept this ?

Can anybody suggest ?