https://www.taxtmi.com/caselaws?id=252660 The Court ruled in favor of the appellant, allowing the depreciation claimed for plant and machinery used in trial production. The Court emphasized that the key factor for granting depreciation was the use of the assets for business purposes, rather than the timing of success in trial production. The decision aligned with precedents cited by the appellant's counsel, emphasizing the requirement of business use to qualify for depreciation under section 32 of the Income Tax Act, 1961. The Tax Appeal was allowed, overturning the Tribunal's decision. en-us Tue, 14 Oct 2014 00:00:00 +0530 Fri, 31 Oct 2014 07:52:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=252660 The Court ruled in favor of the appellant, allowing the depreciation claimed for plant and machinery used in trial production. The Court emphasized that the key factor for granting depreciation was the use of the assets for business purposes, rather than the timing of success in trial production. The decision aligned with precedents cited by the appellant's counsel, emphasizing the requirement of business use to qualify for depreciation under section 32 of the Income Tax Act, 1961. The Tax Appeal was allowed, overturning the Tribunal's decision. Case-Laws Income Tax Tue, 14 Oct 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=252660