https://www.taxtmi.com/caselaws?id=262748 The Court upheld the decision to allow depreciation on the enhanced equipment cost from Assessment Year (AY) 2005-06 onwards. The obligation to pay customs duty arose in AY 2005-06, permitting the capitalization and depreciation of the duty paid on imported equipment. The Court rejected the Revenue's argument to capitalize customs duty in AY 2009-10, emphasizing that depreciation can be claimed on customs duty paid in a previous year relevant to the AY in question. The appeal was dismissed, affirming the allowance of depreciation on customs duty paid from the year of actual import. en-us Tue, 04 Aug 2015 00:00:00 +0530 Sat, 07 Nov 2015 11:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=262748 The Court upheld the decision to allow depreciation on the enhanced equipment cost from Assessment Year (AY) 2005-06 onwards. The obligation to pay customs duty arose in AY 2005-06, permitting the capitalization and depreciation of the duty paid on imported equipment. The Court rejected the Revenue's argument to capitalize customs duty in AY 2009-10, emphasizing that depreciation can be claimed on customs duty paid in a previous year relevant to the AY in question. The appeal was dismissed, affirming the allowance of depreciation on customs duty paid from the year of actual import. Case-Laws Income Tax Tue, 04 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=262748