https://www.taxtmi.com/caselaws?id=220350 The High Court upheld the Tribunal's decision to allow depreciation on plant and machinery for the assessment year 1995-96. The court dismissed the revenue's appeal, emphasizing that as the assets were used for business purposes and the purchase had been deemed genuine in a previous assessment year, the depreciation claim was valid. The judgment relied on the finality of the CIT(A)'s finding for the assessment year 1994-95 and affirmed the allowance of depreciation based on established precedents. en-us Mon, 06 Aug 2012 00:00:00 +0530 Mon, 21 Jan 2013 07:43:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=220350 The High Court upheld the Tribunal's decision to allow depreciation on plant and machinery for the assessment year 1995-96. The court dismissed the revenue's appeal, emphasizing that as the assets were used for business purposes and the purchase had been deemed genuine in a previous assessment year, the depreciation claim was valid. The judgment relied on the finality of the CIT(A)'s finding for the assessment year 1994-95 and affirmed the allowance of depreciation based on established precedents. Case-Laws Income Tax Mon, 06 Aug 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=220350