Addl. depreciation u/s 32(1)(iia) - eligibility on windmill
This query is : Resolved
04 August 2008
A company manufacturing certain products also owned windmills. It put up an addl. windmill in the P.Y relevant to A.Y 2003-04. Electricity generated is both captively used by it and sold to Electricity Board. With increase in installed capacity of its manufactured products by more than 20% over last year, it claimed additional depreciation u/s 32(1)(iia) on all new eligible assets including windmill. A.O disallowed such claim on windmill for reasons below:
1) Electricity produced is not an “article or thing” as contemplated in Sec. 32(1)(iia)
2) Even if so, electricity has been captively used
3) There is no installed capacity for windmill.
Is A.O’s stand tenable?
1) Electricity produced is not an “article or thing” as contemplated in Sec. 32(1)(iia)
2) Even if so, electricity has been captively used
3) There is no installed capacity for windmill.
Is A.O’s stand tenable?
05 August 2008
AO's contention is correct on serial no 1.
05 August 2008
AO's contention is correct on serial no 1.
05 August 2008
AO's contention is correct on serial no 1.
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