https://www.taxtmi.com/caselaws?id=65282 The Tribunal allowed the appeal in part. It granted the assessee's claim for bad debts on inter-corporate deposits (ICDs), recognizing these as part of an organized money lending business. The Tribunal also allowed depreciation on assets of the vegetable oil division, emphasizing that assets need only be maintained and ready for use to qualify for depreciation. Additionally, the Tribunal directed the AO to permit depreciation on capitalized expenditures. The assessee did not pursue the issue of expenditures treated as capital expenditure. en-us Fri, 04 Jul 2008 00:00:00 +0530 Sun, 10 Dec 2023 17:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65282 The Tribunal allowed the appeal in part. It granted the assessee's claim for bad debts on inter-corporate deposits (ICDs), recognizing these as part of an organized money lending business. The Tribunal also allowed depreciation on assets of the vegetable oil division, emphasizing that assets need only be maintained and ready for use to qualify for depreciation. Additionally, the Tribunal directed the AO to permit depreciation on capitalized expenditures. The assessee did not pursue the issue of expenditures treated as capital expenditure. Case-Laws Income Tax Fri, 04 Jul 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65282