https://www.taxtmi.com/caselaws?id=237542 The High Court ruled in favor of the assessee, dismissing the department's appeal and affirming the Income Tax Appellate Tribunal's decision to allow 100% depreciation on the shuttering material. The Court emphasized the essentiality of shuttering material in bridge construction projects, considering it as a plant eligible for depreciation benefits. The decision was supported by legal precedents and the interpretation that ownership and readiness for use in business activities constituted sufficient grounds for claiming depreciation under the Income Tax Act. en-us Wed, 14 Aug 2013 00:00:00 +0530 Mon, 30 Sep 2013 09:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=237542 The High Court ruled in favor of the assessee, dismissing the department's appeal and affirming the Income Tax Appellate Tribunal's decision to allow 100% depreciation on the shuttering material. The Court emphasized the essentiality of shuttering material in bridge construction projects, considering it as a plant eligible for depreciation benefits. The decision was supported by legal precedents and the interpretation that ownership and readiness for use in business activities constituted sufficient grounds for claiming depreciation under the Income Tax Act. Case-Laws Income Tax Wed, 14 Aug 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=237542