DIADORA SHOES PVT LTD,CALICUT vs. ACIT CIRCLE 2(1), CALICUT

ITA 92/COCH/2023Status: DisposedITAT Cochin19 April 2024AY 2014-15Bench: Shri Sanjay Arora (Accountant Member), Shri Anil Kumar Dugar (Judicial Member)7 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the unabsorbed additional depreciation is admissible in the current year. The amendment to Section 32(1)(iia) was considered clarificatory and retrospective, allowing the balance depreciation in the succeeding year.

What were the facts?

The assessee claimed unabsorbed additional depreciation of Rs. 59,000/- for assets acquired in the preceding assessment year (2013-2014). The Assessing Officer disallowed this claim, stating additional depreciation is only allowed in the year of acquisition.

What were the issues?

Whether unabsorbed additional depreciation on assets acquired in a preceding year, where it was used for less than 180 days, is allowable in the subsequent year.

Which sections of the Income-tax Act were involved?

Section 32(1)(iia)

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Income Tax Appellate Tribunal, COCHIN BENCH, COCHIN

Before: Shri Sanjay Arora, AM & Shri Anil Kumar Dugar, JM

Hearing: 18.04.2024Pronounced: 19.04.2024

Per Anil Kumar Dugar, JM : This appeal at the instance of the assessee is directed against the impugned order dated 06.01.2023 passed by the learned Commissioner of Income-tax (Appeals)’s [in short “CIT(A)]” u/s.250 of the Income-tax Act, 1961 (in short “the Act”). The relevant assessment year is 2014-2015. 2. In the instant appeal, the solitary ground taken out for challenge to the impugned appellate order as well as assessment order is the purported disallowance of claim of unabsorbed depreciation of Rs.59,000/- in respect of the assets acquired in preceding assessment year i.e. A.Y. 2013- 2014 under section 32(1)(iia) of the Act on the ground that the claim of additional depreciation is admissible only in

The order continues below.

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