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2016 (5) TMI 1225 - MADHYA PRADESH HIGH COURT

2016 (5) TMI 1225 - MADHYA PRADESH HIGH COURT - TMI - Depreciation on the Tetrapack machine - assets not actually put to use - Held that:- Answering the questions against the revenue has held that the depreciation on the Tetrapack machine, be allowed even if the same is kept ready for use. See Commissioner of Income Tax V/s. Premier Industries (India) Ltd. reported in (2007 (9) TMI 362 - MADHYA PRADESH HIGH COURT ) - Decided in favour of assessee - ITA No. 66/2003 - Dated:- 11-1-2016 - P. K. Jai .....

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10) 323 ITR 672 (MP). Substantial questions No.1 and 2 are as under:- 1. Whether on the facts and in circumstances of the case the ITAT was justified in recalling its order in ITA No.638/IND/95 and reversing the said order in MA No.48/IND/02 after having discussed the issue thoroughly in the body of order. 2. Whether on the facts and circumstances of the case the ITAT was justified in allowing depreciation on vehicle which was not actually put to use in accordance with the provisions of I.T. Act .....

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ation in accordance with the provisions of the Act. In support of this submission, learned senior counsel has brought to our notice a decision of the Tribunal in Speed Automobiles P. Ltd. v. Asst. CIT (2004) 32 ITC 531 as upheld by a Division Bench of this court in CIT v. Speed Automobiles Pvt. Ltd. (2004) 32 ITC 537. Reference has also been made to the decision of the Kerala High Court in CIT v. Geo Tech Construction Corporation (2000) 244 ITR 452 which also takes the view that when the machine .....

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