https://www.taxtmi.com/caselaws?id=265119 The Tribunal upheld the CIT(A)'s decision in dismissing the Revenue's appeal regarding the disallowance of depreciation on plant and machinery and quarry development expenses for the assessment years 2007-08, 2008-09, and 2009-10. The Tribunal found that the assets were used for business purposes and that the quarry development expenses were revenue in nature, not resulting in the creation of any assets. Consequently, the Tribunal dismissed the Revenue's appeals, allowing the assessee's claims for depreciation and quarry development expenses as revenue expenditures. en-us Wed, 12 Aug 2015 00:00:00 +0530 Wed, 07 Oct 2015 07:53:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=265119 The Tribunal upheld the CIT(A)'s decision in dismissing the Revenue's appeal regarding the disallowance of depreciation on plant and machinery and quarry development expenses for the assessment years 2007-08, 2008-09, and 2009-10. The Tribunal found that the assets were used for business purposes and that the quarry development expenses were revenue in nature, not resulting in the creation of any assets. Consequently, the Tribunal dismissed the Revenue's appeals, allowing the assessee's claims for depreciation and quarry development expenses as revenue expenditures. Case-Laws Income Tax Wed, 12 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=265119