Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2013 (1) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (1) TMI 455 - HC - Income TaxDepreciation On Plant & Machinery - Assessee had let out the machinery - Without any commercial expediency - Asset not been used for its business purposes - The amount of lease was not increased in spite of providing additional machinery - Held that:- Once it was held that the purchase of the machinery and letting out the same was not in doubt, the depreciation could not be disallowed for the years subsequent to the assessment year 1994-95. Since depreciation on plant and machinery had been allowed in the earlier assessment year and these assets were used for the purpose of assessee's business, for the assessment year under reference. Directing the AO to allow depreciation on the WDV of P&M – In favour of assessee
|