https://www.taxtmi.com/caselaws?id=206662 The High Court of Calcutta ruled in favor of the assessee, allowing depreciation on machinery and plant despite factory operations being suspended due to adverse law and order situations. The Court interpreted Section 32(1) broadly, considering the machinery "used" if ready for business purposes even if not actively operated. Emphasizing the assessee's intention to resume operations and facing losses beyond its control, the Court distinguished the case from a declared lockout scenario. Consequently, the Court dismissed the Revenue's appeal, granting depreciation under Section 32 of the Income-tax Act to the assessee. en-us Thu, 31 Mar 2011 00:00:00 +0530 Fri, 11 Nov 2011 06:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=206662 The High Court of Calcutta ruled in favor of the assessee, allowing depreciation on machinery and plant despite factory operations being suspended due to adverse law and order situations. The Court interpreted Section 32(1) broadly, considering the machinery "used" if ready for business purposes even if not actively operated. Emphasizing the assessee's intention to resume operations and facing losses beyond its control, the Court distinguished the case from a declared lockout scenario. Consequently, the Court dismissed the Revenue's appeal, granting depreciation under Section 32 of the Income-tax Act to the assessee. Case-Laws Income Tax Thu, 31 Mar 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=206662