Electricity is good and Machinery used in its production eligible for additional depreciation U/s. 32(1)(iia)

ACIT Vs. M/s. Delta Enterprises (ITAT Mumbai)-The claim of depreciation made by the assessee in the return of income included depreciation of wind mill @ 80% and additional depreciation @ 20% as per Section 32(1)(iia) of the Income Tax Act, 1961. The assessee’s claim of additional depreciation was disallowed by the Assessing Officer on the ground that additional depreciation was allowable in the case of any new machinery or plant installed after 31st day of March, 2005, by the assessee in the business of manufacturing or production of any article or thing. As per A.O., the production of ...