ACIT, CHENNAI vs. KANISHK STEEL INDUSTRIES LTD., CHENNAI

ITA 2955/CHNY/2014Status: DisposedITAT Chennai01 January 2016AY 2006-075 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the assessee is entitled to additional depreciation on the windmill as the electricity generated was used for captive consumption in its manufacturing business. The Tribunal relied on the Madras High Court's judgment in CIT v. VTM Ltd.

What were the facts?

The assessee claimed additional depreciation on a windmill used for captive consumption in its manufacturing activities. The Assessing Officer disallowed the claim, stating that electricity generation is not the production of an article or thing. The CIT(Appeals) allowed the claim.

What were the issues?

Whether electricity generated by a windmill for captive consumption in manufacturing activities qualifies for additional depreciation under Section 32(1)(iia) of the Income-tax Act.

Which sections of the Income-tax Act were involved?

Section 32(1)(iia)

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(1)Show list

Detected automatically from the text. Citations are also linked where they appear in the judgment. The count shows how many other judgments on BharatTax rely on the same authority.

Income Tax Appellate Tribunal, ‘D’ BENCH, CHENNAI

Before: SHRI N.R.S. GANESAN & SHRI A. MOHAN ALANKAMONY

For Respondent: Shri V. Ravichandran, CA
Hearing: 29.12.2015Pronounced: 01.01.2016

PER N.R.S. GANESAN, JUDICIAL MEMBER:

This appeal of the Revenue is directed against the order of the Commissioner of Income Tax (Appeals)-II, Chennai, dated

21.07.

2014 and pertains to assessment year 2006-07. 2 I.T.A. No.2955/Mds/14

2.

Dr. B. Nischal, the Ld. Departmental Representative,

submitted that the assessee claimed additional depreciation on the windmill. The assessee e

The order continues below.

Read the full judgment

A free account opens 10 full judgments a month. Re-reading one you have already opened does not count again.

Create a free accountSign in

See plans and prices

The summary, the parties, the sections and the citations above are open to everyone and always will be. Only the text of the order and the PDF are metered.

More judgments on Section 32(1)(iia)

All 553 judgments and leading authorities on Section 32(1)(iia) →

Recent GST High Court judgments

Search GST case law →