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2023 (6) TMI 1204 - AT - Income TaxDepreciation disallowance - non use of asset - production and business activity of the assessee company was stopped since the year 2003 - HELD THAT:- In the present case of assessee, the production and business activity was stopped since the year 2003 and profit & loss account of the assessee company had revealed that the total revenue earned by the assessee in previous year mainly comprised of revenue from operation and other income which included interest income and miscellaneous income and the assessee company had no business and manufacturing activity from which revenue could be earned and machinery was not put to use as there was admittedly no manufacturing activity. In such a situation, depreciation could not be allowed on such non-use in view of the clear verdict given in Oriental Coal Co. Ltd. [1994 (1) TMI 82 - CALCUTTA HIGH COURT] and which is directly on the present issue involved as held that as there was strike, lockout in the factory for two years and the plant and machinery has not been actually used, then assessee would not be entitled for depreciation - Decided against assessee.
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