Additional Depreciation is allowable u/s 32(1(iia) of Income Tax Act on Plant & Machinery Installed in the Captive Power Plant: ITAT

Additional Depreciation - Depreciation - Income Tax Act - Income Tax - Plant & Machinery installed in the captive Power Plant - Plant & Machinery installed - Plant & Machinery - Captive Power Plant - ITAT - Taxscan

The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) held that the additional depreciation is allowable under Section 32(1)(iia) of the Income Tax Act, 1961 on plant and machinery installed in the captive power plant. The assessee is a limited company engaged in the manufacturing of sugar and its by-products. A current year loss…

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