https://www.taxtmi.com/caselaws?id=264182 The High Court ruled in favor of the Assessee, Stitchwell Qualitex (RF), in a case concerning the interpretation of a depreciation claim for Unit-II for the Assessment Year 1990-91. The Court held that assets need not be actually used for business purposes to claim depreciation under Section 32 of the Income Tax Act, emphasizing ownership and readiness for use. The Court rejected the Revenue's argument requiring actual use, stating that assets kept ready for use can be considered used for business. Consequently, the Court allowed the Assessee's depreciation claim, setting aside the ITAT's decision. en-us Wed, 16 Sep 2015 00:00:00 +0530 Sat, 19 Sep 2015 06:00:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=264182 The High Court ruled in favor of the Assessee, Stitchwell Qualitex (RF), in a case concerning the interpretation of a depreciation claim for Unit-II for the Assessment Year 1990-91. The Court held that assets need not be actually used for business purposes to claim depreciation under Section 32 of the Income Tax Act, emphasizing ownership and readiness for use. The Court rejected the Revenue's argument requiring actual use, stating that assets kept ready for use can be considered used for business. Consequently, the Court allowed the Assessee's depreciation claim, setting aside the ITAT's decision. Case-Laws Income Tax Wed, 16 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=264182