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2014 (1) TMI 483 - AT - Income TaxDepreciation on assets – Held that:- merely because entire value of asset is allowable as expenditure under S.11, it is not sufficient to deny claim for depreciation unless the value of asset has been actually allowed as expenditure – Following Mahila Sidh Nirman Yojna V/s. IAC [1994 (7) TMI 117 - ITAT DELHI-A] - if the value of the asset was not allowed as expenditure under S.11, the Assessing Officer is required to allow depreciation as per the rate applicable to those assets – The issue was restored to the file of AO for examining the fact in respect of each asset on which depreciation claimed, whether the value of such asset was in fact allowed under S.11, and if it was so allowed, the depreciation would not be allowed in respect of such asset.
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