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IT benefit under TUFS sought

COIMBATORE: The Textile Association (India) has sought depreciation benefits (under Income Tax Act) to machinery purchased and installed under the Technology Upgradation Fund Scheme after 2004. In a release, its President, M. S. Mathivanan, said that 50 per cent depreciation benefit was given to machinery purchased and installed under the TUFS under weaving, garmenting and processing segments before April 2004. Since the TUFS had been extended till 2007 the benefit should also be extended till that period.

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