https://www.taxtmi.com/caselaws?id=252154 The Supreme Court upheld the decision of the High Court and Tribunal, dismissing the Revenue's appeal regarding the disallowance of depreciation on second-hand machinery based on the actual cost paid by the assessee. The court affirmed that depreciation should be allowed on the actual cost paid, rejecting the Revenue's argument of overvaluation. Additionally, the court upheld the allowance of depreciation on machinery used for part of the year, emphasizing the block of assets concept where individual asset usage is not considered for depreciation purposes. The court also affirmed the depreciation allowance on impaired assets within the block of assets. en-us Mon, 15 Sep 2014 00:00:00 +0530 Mon, 13 Oct 2014 07:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=252154 The Supreme Court upheld the decision of the High Court and Tribunal, dismissing the Revenue's appeal regarding the disallowance of depreciation on second-hand machinery based on the actual cost paid by the assessee. The court affirmed that depreciation should be allowed on the actual cost paid, rejecting the Revenue's argument of overvaluation. Additionally, the court upheld the allowance of depreciation on machinery used for part of the year, emphasizing the block of assets concept where individual asset usage is not considered for depreciation purposes. The court also affirmed the depreciation allowance on impaired assets within the block of assets. Case-Laws Income Tax Mon, 15 Sep 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=252154