https://www.taxtmi.com/caselaws?id=259242 The High Court dismissed the appeal filed by the revenue and ruled in favor of the respondent assessee. The Court found that the Tribunal's conclusions were reasonable and based on factual evidence, thus not warranting any interference. It was determined that the machine in question was installed and used for trial before the end of the financial year, satisfying the requirements for depreciation claims under Section 32 of the Income Tax Act. The Court emphasized that readiness for use sufficed for depreciation purposes, rejecting the revenue's argument that actual commercial use was necessary. en-us Fri, 12 Dec 2014 00:00:00 +0530 Mon, 04 May 2015 15:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=259242 The High Court dismissed the appeal filed by the revenue and ruled in favor of the respondent assessee. The Court found that the Tribunal's conclusions were reasonable and based on factual evidence, thus not warranting any interference. It was determined that the machine in question was installed and used for trial before the end of the financial year, satisfying the requirements for depreciation claims under Section 32 of the Income Tax Act. The Court emphasized that readiness for use sufficed for depreciation purposes, rejecting the revenue's argument that actual commercial use was necessary. Case-Laws Income Tax Fri, 12 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=259242