https://www.taxtmi.com/caselaws?id=234699 The Tribunal allowed the appeal, overturning the disallowance of depreciation based on machinery hire income. The Tribunal held that even if the machinery was hired out for part of the year, the assessee was entitled to a fair proportionate deduction under section 38(2) of the Act. It reasoned that the machinery being hired out did not impact the allowance of depreciation as long as the assets were part of the block of assets and used for business purposes during the year. The Tribunal also invoked section 57 of the Act, allowing deduction for "income from other sources," including depreciation under section 32, supporting the assessee's claim. en-us Tue, 30 Apr 2013 00:00:00 +0530 Wed, 08 May 2013 16:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=234699 The Tribunal allowed the appeal, overturning the disallowance of depreciation based on machinery hire income. The Tribunal held that even if the machinery was hired out for part of the year, the assessee was entitled to a fair proportionate deduction under section 38(2) of the Act. It reasoned that the machinery being hired out did not impact the allowance of depreciation as long as the assets were part of the block of assets and used for business purposes during the year. The Tribunal also invoked section 57 of the Act, allowing deduction for "income from other sources," including depreciation under section 32, supporting the assessee's claim. Case-Laws Income Tax Tue, 30 Apr 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=234699