Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2020 (6) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (6) TMI 294 - AT - Income TaxDepreciation on Fuel oil Pump Test benches u/s 32 @ 80% - asset is not used for business or profession - assessee had claimed depreciation @ 40% in the year of purchase 2013-14 relevant to the A.Y 2014-15 - HELD THAT:- Assessee’s claim of depreciation in the year of purchase and use i.e. financial year 2013-14 relevant to A.Y 2014-15 has been allowed by the AO and the asset has become part of the block of assets. It is also not in dispute that the asset has not been used in the relevant A.Y before us or in the subsequent two A.Ys. However, it is not the case of the Revenue that the equipment is not in existence and is not ready for use. Once the assessee has purchased the machinery and has put to use and thereafter has not used for lack of orders, the assessee cannot be denied the claim of depreciation. DR has also not brought to our notice any evidence to the contrary that the assessee had claimed depreciation @ 40% in the year of purchase 2013-14 relevant to the A.Y 2014-15 and the claim of depreciation subsequently cannot be disallowed. As relying on M/S. SPR PUBLICATIONS P. LTD. AND OTHERS VERSUS ACIT, CIRCLE 3 (2) HYDERABAD AND OTHERS [2015 (7) TMI 117 - ITAT HYDERABAD] grounds appeal raised by the assessee.
|