https://www.taxtmi.com/caselaws?id=62899 The Appellate Tribunal overturned the decision of the DCIT (Appeals) and directed the Assessing Officer to allow the full depreciation claim on the car used for professional purposes. The Tribunal emphasized that depreciation is a statutory deduction that must meet specific conditions, regardless of the level of professional income. It highlighted the legislative intent to encourage investment in capital assets through depreciation allowances and clarified that there are no income-based restrictions for claiming depreciation. The Tribunal found the lower authorities' reasoning unfounded and underscored the importance of statutory compliance and incentivizing investment in capital assets. en-us Wed, 25 Aug 1993 00:00:00 +0530 Sat, 22 Jan 2011 14:41:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62899 The Appellate Tribunal overturned the decision of the DCIT (Appeals) and directed the Assessing Officer to allow the full depreciation claim on the car used for professional purposes. The Tribunal emphasized that depreciation is a statutory deduction that must meet specific conditions, regardless of the level of professional income. It highlighted the legislative intent to encourage investment in capital assets through depreciation allowances and clarified that there are no income-based restrictions for claiming depreciation. The Tribunal found the lower authorities' reasoning unfounded and underscored the importance of statutory compliance and incentivizing investment in capital assets. Case-Laws Income Tax Wed, 25 Aug 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62899