Additional machine for carrying out freeze-drying process entitled to enhanced depreciation

Accelerated Freeze Drying Co. Ltd. Vs ACIT (Kerala High Court) Kerala High Court held that additional machines employed for carrying out the freeze-drying process entitled to enhanced depreciation at 20% under section 32(1)(iia) of the Income Tax Act. Appeal allowed, accordingly. Facts- Appellant, an exporter of premium food products, is an assessee under the Income Tax Act, 1961. Appellant had for the Assessment year 2013-14 filed returns declaring a total income of Rs.2,42,34,820/-. While completing the assessment u/s. 143(3) of the IT Act, the assessing authority made certain disallowances ...