https://www.taxtmi.com/caselaws?id=242276 The High Court upheld the Income Tax Appellate Tribunal's decision to allow depreciation on machinery for the assessee, despite their income being assessed at a lower net profit rate of 8% without maintaining account books. The Court found no error in the ITAT's decision, stating that there was no legal impediment preventing the assessee from claiming depreciation under the circumstances. The judgment clarified that in the absence of a specific legal provision restricting depreciation in such cases, the assessee was entitled to avail of depreciation benefits as per the laws applicable at the time of assessment. en-us Thu, 07 Nov 2013 00:00:00 +0530 Sat, 11 Jan 2014 05:32:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=242276 The High Court upheld the Income Tax Appellate Tribunal's decision to allow depreciation on machinery for the assessee, despite their income being assessed at a lower net profit rate of 8% without maintaining account books. The Court found no error in the ITAT's decision, stating that there was no legal impediment preventing the assessee from claiming depreciation under the circumstances. The judgment clarified that in the absence of a specific legal provision restricting depreciation in such cases, the assessee was entitled to avail of depreciation benefits as per the laws applicable at the time of assessment. Case-Laws Income Tax Thu, 07 Nov 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=242276