Income Tax Authorities Fails to Appreciate Amended Provision of S. 36(1) ( iia ) of Income Tax Act, Denies Additional Depreciation Claim: ITAT allows claim of Rs. 49.5 cr [Read Order]
The lower authorities failed to consider the detailed submission and consequently denied the claim for additional depreciation
The Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) allowed a claim of Rs. 49.5 crore after finding that the Income Tax Authorities failed to appreciate the amended provision of Section 36(1)(iia) of the Income Tax Act, 1961, resulting in the denial of an additional depreciation claim. The Assessing Officer ( AO…
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