Applied direct tax

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rashmi (Querist)
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31 July 2011 please give me answer as soon as possible

State whether True or False, with reasons, having regard to the provisions of the
Income-tax Act, 1961
An existing assessee engaged in trading activities, can claim additional
depreciation under Section 32(1)(iia) in respect of new plant acquired and
installed in the trading concern, where the increase in value of such plant as
compared to the approved base year is more than 10%.

Preety Parik

Preety Parik (Expert)
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31 July 2011
The benefit of additional depreciation can be claimed only by unit engaged in manufacturing activities. It cannot be claimed by trading concern

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