ITAT restores Additional Depreciation Claim for Statistical Reassessment following Legal Amendment in S.32(1)(iia) of Income Tax Act [Read Order]
A significant amendment effective April 1, 2017, expanded eligibility to include power distribution companies. Recognizing this change, the tribunal restored the matter to the Assessing Officer for further verification
The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) restored the additional depreciation claim for statistical reassessment following a legal amendment in Section 32(1)(iia) of the Income Tax Act,1961. Uttar Gujarat Vij Company Ltd., the appellant-assessee, faced disallowance of additional depreciation under Section 32(1)(iia) during the proceedings for the assessment years 2016-17 to…
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