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Case Law Details

Case Name : M/s. CRI Pumps (P) Ltd. Vs ACIT (ITAT Chennai)
Related Assessment Year : 2008- 09, 2005- 06 & 2009- 10
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First requirement to claim of additional depreciation is that there should a new machinery or plant. A machinery is new till it is first put to use. Once it is used, it is no longer a new machinery. Admittedly, the machinery, on which additional depreciation has been claimed, was already used in various preceding previous years. Therefore, for the year under consideration, It was no more a new machinery or plant. There is nothing in the statute which allows such claim of additional depreciation every year on machinery acquired and put to use in earlier year. Acc

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