https://www.taxtmi.com/caselaws?id=242666 The Tribunal dismissed the appeal, upholding the disallowance of loss/depreciation on the block of assets for the assessment year 2003-04. The decision was based on the lack of evidence demonstrating the assets were used for business purposes in the relevant assessment year, leading to the denial of depreciation claims. The Tribunal emphasized the necessity of assets being actively used for business to qualify for depreciation on a block of assets, ultimately resulting in the rejection of the assessee's appeal. en-us Fri, 28 Jun 2013 00:00:00 +0530 Sun, 19 Jan 2014 09:46:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=242666 The Tribunal dismissed the appeal, upholding the disallowance of loss/depreciation on the block of assets for the assessment year 2003-04. The decision was based on the lack of evidence demonstrating the assets were used for business purposes in the relevant assessment year, leading to the denial of depreciation claims. The Tribunal emphasized the necessity of assets being actively used for business to qualify for depreciation on a block of assets, ultimately resulting in the rejection of the assessee's appeal. Case-Laws Income Tax Fri, 28 Jun 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=242666