Investment allowance u/s 32AC not allowable when depreciation already claimed on new asset

Bannari Amman Sugars Ltd. Vs DCIT (ITAT Chennai) ITAT Chennai held that in case the assessee claims depreciation on the new asset, then, it cannot claim investment allowance under Section 32AC of the Income Tax Act. Facts- The assessee is a resident company and is engaged in manufacturing of sugar, alcohol, granite and cogeneration of power from co-generation Unit. It was observed that there was a claim for additional depreciation at 20% by the assessee on the plant and machinery installed in the co-generation Unit by him. However, AO rejected the claim of the assessee and completed the assess...