https://www.taxtmi.com/caselaws?id=218004 The ITAT allowed the appeal of the assessee, overturning the disallowance of depreciation by the CIT(A) and directing the AO to allow the claim. The ITAT held that the assessee was in continuance of its business during the relevant year, conducting transactions and incurring business expenditure, entitling it to claim depreciation benefits on assets used in the business operations. en-us Fri, 19 Oct 2012 00:00:00 +0530 Wed, 31 Oct 2012 14:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=218004 The ITAT allowed the appeal of the assessee, overturning the disallowance of depreciation by the CIT(A) and directing the AO to allow the claim. The ITAT held that the assessee was in continuance of its business during the relevant year, conducting transactions and incurring business expenditure, entitling it to claim depreciation benefits on assets used in the business operations. Case-Laws Income Tax Fri, 19 Oct 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=218004