https://www.taxtmi.com/caselaws?id=234250 Depreciation on fixed assets could not be denied merely because the asset cost or related expenditure had been claimed in an earlier year, as Explanation 5 to section 32(1) permits depreciation even if not separately claimed in computing income. A contribution made under a statutory requirement to a pension or reserve fund was also treated as a deductible liability, since Rule 10 required the fund to be created and used for employee benefits. Both deductions were therefore upheld and the revenue's challenge failed. en-us Thu, 04 Apr 2013 00:00:00 +0530 Tue, 04 Jun 2013 11:35:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=234250 Depreciation on fixed assets could not be denied merely because the asset cost or related expenditure had been claimed in an earlier year, as Explanation 5 to section 32(1) permits depreciation even if not separately claimed in computing income. A contribution made under a statutory requirement to a pension or reserve fund was also treated as a deductible liability, since Rule 10 required the fund to be created and used for employee benefits. Both deductions were therefore upheld and the revenue's challenge failed. Case-Laws Income Tax Thu, 04 Apr 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=234250