With a view to give a boost to the manufacturing sector, an additional depreciation shall be allowed to an industrial undertaking, subject to the provision given below. Such additional depreciation shall be in addition to the normal depreciation which is being allowed to all assessee.
There is no restriction on allowing balance of one time incentive in the subsequent year if the provisions are constructed reasonably, liberally and purposive. One has to notice that additional benefit was intended to give impetus to industrialisation and in that direction the assessee deserves to get the benefit in full when there is no restriction in the statute to deny the benefit of balance 50% when the new plant and machinery was acquired and put to use for less than 180 days in the immediately preceding year.
April 23, 2015 ICSI ISSUES SECRETARIAL STANDARDS APPROVED BY THE CENTRAL GOVERNMENT ICSI is the pioneer and the only institution in the world so far to have issued secretarial standards TO BE EFFECTIVE FROM JULY 1, 2015 New Delhi, 23 April 2015: Section 118(10) of the Companies Act, 2013 mandates companies to observe Secretarial Standards […]
