https://www.taxtmi.com/caselaws?id=205878 The High Court dismissed the revenue's appeal under Section 260A of the Income Tax Act, affirming the Income Tax Appellate Tribunal's decision in favor of the cooperative society assessee. The dispute centered on claiming depreciation for new machinery not actively used but kept ready for production. The Tribunal accepted the readiness of machinery based on maintenance records and trial runs, allowing depreciation under Section 32. The High Court upheld this decision, emphasizing that readiness for use sufficed for depreciation, rejecting the revenue's argument against actual utilization for claiming depreciation. en-us Fri, 25 Feb 2011 00:00:00 +0530 Tue, 27 Sep 2011 13:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=205878 The High Court dismissed the revenue's appeal under Section 260A of the Income Tax Act, affirming the Income Tax Appellate Tribunal's decision in favor of the cooperative society assessee. The dispute centered on claiming depreciation for new machinery not actively used but kept ready for production. The Tribunal accepted the readiness of machinery based on maintenance records and trial runs, allowing depreciation under Section 32. The High Court upheld this decision, emphasizing that readiness for use sufficed for depreciation, rejecting the revenue's argument against actual utilization for claiming depreciation. Case-Laws Income Tax Fri, 25 Feb 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=205878