The Tribunal held that the assessee was not entitled to additional depreciation in the assessment year in question on the capitalized portion of foreign exchange loss incurred on plant and machinery acquired and installed during earlier financial years. (AY. 2010-11)
Daeseung Autoparts India Pvt. Ltd v. ACIT (2022) 97 ITR 76 (SN) (Chennai)(Trib)
S. 32: Depreciation-Additional depreciation-Allowable only in the year of acquisition and installation-Capitalization of Foreign Exchange Loss incurred on acquisition of Plant and Machinery outside India-Additional cost capitalized not eligible for depreciation. [S. 32(1)(iia), 43A]