Hi friends,
This is related to a most uncommon querry which i want to share with.
In case of calculating Depreciation on the Assets specially Plant & Machinery of a Manufacturing
Concern, Income tax act provides a clause of Additional Depreciation @ 20% to that Mfg.concern, only if the Plant & Machinery is Newly purchased during the previous year.
There are two issues upon that :
1. Whether this Additional Depreciation is Mendatory as a statute ?
Or, Can an assessee deny to fall in that clause ?
2. Whether the provision of >182 days or
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Yes this addl dep is mandatory. If u read th section on addl depn it says that in addn to dep u/s 32(1)..The assesse has to calculate addl depn if it fulfills the criteria.
The provsn of greater than 182 days is also applicable.