https://www.taxtmi.com/caselaws?id=210683 The High Court dismissed the Revenue's appeals regarding the disallowed depreciation claim for the non-operational period of a sugar mill. The Court found that the plant and machinery were ready for use despite the mill being non-operational, justifying the depreciation claim. The interpretation of "used" in Section 32 of the Income Tax Act encompassed passive readiness for operation, supporting the allowance of depreciation even when the machinery was not actively in use. The decision favored the assessee, with no costs awarded, as no substantial question of law arose from the case. en-us Mon, 06 Feb 2012 00:00:00 +0530 Sat, 18 Feb 2012 17:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=210683 The High Court dismissed the Revenue's appeals regarding the disallowed depreciation claim for the non-operational period of a sugar mill. The Court found that the plant and machinery were ready for use despite the mill being non-operational, justifying the depreciation claim. The interpretation of "used" in Section 32 of the Income Tax Act encompassed passive readiness for operation, supporting the allowance of depreciation even when the machinery was not actively in use. The decision favored the assessee, with no costs awarded, as no substantial question of law arose from the case. Case-Laws Income Tax Mon, 06 Feb 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=210683