Additional depreciation not eligible on capitalization of forex loss

Daeseung Autoparts India Pvt.Ltd Vs ACIT (OSD) (ITAT Chennai) We have gone through reasons given by the Assessing Officer to reject additional depreciation on capitalization of forex loss in light of provisions of section 32(1)(iia) of the Act, and we ourselves do not subscribe to the arguments advanced by the learned counsel for the assessee for simple reason that as per plain reading of section 32(1)(iia) of the Act, additional depreciation is allowed to an assessee, in case, any new plant & machinery which has been acquired and installed after 31st day of March, 2005 by an assessee enga...