ITAT restores Additional Depreciation Claim for Statistical Reassessment following Legal Amendment in S.32(1)

The ITAT restored a taxpayer's claim for additional depreciation following a legal amendment to Section 32(1)(iia) of the Income Tax Act. The tribunal noted that the taxpayer was entitled to the benefit of this amendment despite prior re-assessment challenges. This ruling is a positive development for businesses investing in new machinery, affirming their rights to claim additional depreciation, thereby aiding in capital investments and growth.