ITAT allows Additional Depreciation Allowed on Captive Power Plant Equipment

DCIT Vs Tirupati Sugars (ITAT Kolkata) The Income Tax Appellate Tribunal (ITAT) in Kolkata recently ruled on a significant tax appeal related to ‘additional depreciation on plant & machinery in captive power plants,’ specifically under Section 32(1)(iia) of the Income Tax Act. The case was filed by the Revenue against Tirupati Sugars for the assessment year 2012-13, examining whether additional depreciation claims made by the company were valid. The ruling opens up new interpretations for what can be considered as ‘new machinery’ and ‘manufacturing activity...