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2017 (11) TMI 906 - AT - Income TaxDisallowance of depreciation on plant and machinery and on Factory Building - business assumed to be shut down - Held that:- After hearing the rival contentions we find that the First Appellate Authority has recorded that the assets in question is part of the “block of assets”. He held that once the asset merges with the existing block of assets, which carry the same rate of depreciation and one asset of the block is put to use then the entire block would be eligible to depreciation. The mill in question remained closed from 05.01.1999. The yarn production was 8087 kgs. Hence it is not a case where the factory has been totally closed down. Only one unit has been shut down - Decided in favour of assessee.
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