Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (9) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (9) TMI 283 - AT - Income Tax100% depreciation on shuttering and centering material - depreciation claimed in the earlier year or not? - Held that:- If the assessee has claimed 100% depreciation on such shuttering and centering material in the earlier year then there will be no opening balances brought forward from the earlier year but it may be that shuttering and centering material which was put to use in the earlier year, 100% depreciation might have been claimed and allowed and only those material not put to use in the earlier year might have been brought forward in the present year. This may also be a fact that part of the assets might have been put to use for less than 180 days and in that situation, only 50% of depreciation is allowable and as a result, even if depreciation is allowed @ 100%, in fact, only 50% will be allowed in the earlier year and the balance 50% is to be allowed in the present year. Therefore, merely on this basis that there is opening balance of WDV, it cannot be concluded that 100% depreciation was not allowed in the earlier year. Hence we feel it proper to restore the matter back to the file of CIT (A) for fresh decision - Appeal filed by the assessee allowed for statistical purposes.
|