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ITAT upheld additional depreciation on new tanks used for storage of raw materials and finished goods
Case Law Details
- Case Name
- ACIT Vs Gulbrandsen Pvt. Ltd. (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2012-13
- Courts
- All ITAT, ITAT Ahmedabad
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ACIT Vs Gulbrandsen Pvt. Ltd. (ITAT Ahmedabad)
Conclusion: The newly constructed storage tanks used for storing hazardous raw materials and finished products constituted an integral part of plant and machinery and were eligible for additional depreciation under section 32(1)(iia). Accordingly, the disallowance of ₹91.12 lakh was deleted.
Held: Assessee claimed additional depreciation of ₹91.12 lakh under section 32(1)(iia) on newly constructed storage tanks forming part of plant and machinery. The tanks were used for storing hazardous raw materials and finished products. A...
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