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2013 (8) TMI 525 - HC - Income TaxDepreciation u/s 32 of the Income Tax Act – Plant ready for used but not used in actual due to unavailability of raw-material – Held that:- Relying upon the judgment in the case of Whittle Anderson Ltd Vs. Commissioner of Income Tax, Bombay City I [1968 (12) TMI 27 - BOMBAY High Court]; CIT Vs. Vayithiri Plantations Ltd [1980 (1) TMI 27 - MADRAS High Court], it was held that deprecialtion u/s 32(1) of the Income Tax Act will be allowed – Reliance is also placed upon the decision in the case of Liquidators of Pursa Ltd Vs CIT [1954 (2) TMI 1 - SUPREME Court], wherein it was held that so long as the business was going and the machinery got ready for use but due to certain extraneous circumstances, the machinery could not be put to use, the said fact could not stand in the way of granting relief under Section 32 of the Act – Decided against the Revenue.
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