https://www.taxtmi.com/caselaws?id=251365 The Andhra Pradesh High Court ruled in favor of the respondents in a dispute over depreciation on gas cylinders purchased for the Assessment Years 1993-94 and 1994-95. The Court held that items costing less than Rs. 5,000, falling under the first proviso of Section 32 of the Income Tax Act, are not subject to additional conditions like usage duration specified in the third proviso. The Court dismissed the Revenue's appeals, affirming that such items are not subject to depreciation restrictions under the third proviso. en-us Wed, 23 Jul 2014 00:00:00 +0530 Fri, 12 Sep 2014 08:56:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=251365 The Andhra Pradesh High Court ruled in favor of the respondents in a dispute over depreciation on gas cylinders purchased for the Assessment Years 1993-94 and 1994-95. The Court held that items costing less than Rs. 5,000, falling under the first proviso of Section 32 of the Income Tax Act, are not subject to additional conditions like usage duration specified in the third proviso. The Court dismissed the Revenue's appeals, affirming that such items are not subject to depreciation restrictions under the third proviso. Case-Laws Income Tax Wed, 23 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=251365