12 May 2012
Sir, Is there any Supream Court judgement available for allowing the additional depreciation on Windmill???
Querist :
Anonymous
Querist :
Anonymous
(Querist)
12 May 2012
I have asked 2 times regarding SAIL examination....but nobody repled...what happened with seniors..? Please tell me how to prepare for management trainee finance examination
13 May 2012
@Biren: if the windmill is used for manufacture purpose u can claim additional depreciation
Ref: as per 43(1) ''Cost includes Installation and Erection Charges Loading and Unloading Chargres Freight and Interest on Loan taken upto the date of usage of asset''
If u hav any further doubts pls let me knw.
Regards: CA Piyush Goplani ca.goplanipiyush@gmail.com http://taxeknowledge.blogspot.com
04 July 2012
Even if the windmill is NOT used for manufacturing, additional depreciation shall be admissible.
Please refer CIT v. VTM Limited (2009) 319 ITR 336 (Mad.) wherein it was held that to claim the benfit u/s 32(1)(iia) what is required to be satisfied is that the new machinery should be purchased & installed after 31.03.2005.
The provision does not state that the new plant or machinery should have operational connectivity with the article or thing being manufactured by the assessee.
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