Investment Allowance claimed u/s. 32AC of Income Tax Act towards new asset shall not allowable if assessee already claim depreciation on New Asset: ITAT [Read Order]

Investment Allowance claimed - Income Tax Act towards new asset - claim depreciation on New Asset - ITAT - TAXSCAN

The Income Tax Appellate Tribunal (ITAT) Chennai bench held that investment allowance claimed under Section 32AC of the Income tax Act,1961 towards the new asset should not be allowable if the assessee already claimed depreciation on the new asset. Assessee ,Bannari Amman Sugars Ltd.is a resident company and is engaged in manufacturing of sugar, alcohol,…

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