https://www.taxtmi.com/caselaws?id=151816 The ITAT remitted the case back to the AO to verify if the foreign cars were used for hiring out to tourists, which would determine their eligibility for depreciation. The Tribunal disagreed with the CIT(A)'s decision to allow depreciation based solely on block of assets inclusion, emphasizing the necessity of actual business use. The Revenue's appeal was allowed for statistical purposes, underscoring the intricate legal interpretation of depreciation eligibility for foreign-made cars within a block of assets. en-us Mon, 23 Jan 2006 00:00:00 +0530 Wed, 27 Mar 2024 10:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=151816 The ITAT remitted the case back to the AO to verify if the foreign cars were used for hiring out to tourists, which would determine their eligibility for depreciation. The Tribunal disagreed with the CIT(A)'s decision to allow depreciation based solely on block of assets inclusion, emphasizing the necessity of actual business use. The Revenue's appeal was allowed for statistical purposes, underscoring the intricate legal interpretation of depreciation eligibility for foreign-made cars within a block of assets. Case-Laws Income Tax Mon, 23 Jan 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=151816