https://www.taxtmi.com/caselaws?id=249728 ITAT Mumbai dismissed the assessee's claim for depreciation on certain assets forming part of a block of assets, holding that actual use for business during the relevant previous year is a condition precedent for allowance, and mere "ready for use" status is insufficient. Relying on binding HC precedent, the Tribunal found no evidence of use and upheld disallowance of depreciation. On penalty u/s 271(1)(c), ITAT confirmed penalty relating to wrongful claims u/s 80IB and 10(38), noting that non-payment of STT and ineligible deduction were within the assessee's knowledge and amounted to concealment and furnishing inaccurate particulars. However, penalty imposed on disallowance of depreciation was deleted, as two views were reasonably possible and the assessee's explanation was bona fide. en-us Wed, 11 Jun 2014 00:00:00 +0530 Wed, 17 Dec 2025 12:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=249728 ITAT Mumbai dismissed the assessee's claim for depreciation on certain assets forming part of a block of assets, holding that actual use for business during the relevant previous year is a condition precedent for allowance, and mere "ready for use" status is insufficient. Relying on binding HC precedent, the Tribunal found no evidence of use and upheld disallowance of depreciation. On penalty u/s 271(1)(c), ITAT confirmed penalty relating to wrongful claims u/s 80IB and 10(38), noting that non-payment of STT and ineligible deduction were within the assessee's knowledge and amounted to concealment and furnishing inaccurate particulars. However, penalty imposed on disallowance of depreciation was deleted, as two views were reasonably possible and the assessee's explanation was bona fide. Case-Laws Income Tax Wed, 11 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=249728