https://www.taxtmi.com/caselaws?id=270662 The Tribunal upheld the decision of the CIT(A) allowing the claim of depreciation on assets where the cost of acquisition had been claimed as an application of income. Relying on previous rulings and principles of commercial accounting, the Tribunal directed the Assessing Officer to allow the depreciation claim, dismissing the Revenue's objections. The decision aligned with the majority opinion of various High Courts and commercial principles, resulting in the dismissal of the Revenue's appeals. en-us Wed, 18 Nov 2015 00:00:00 +0530 Fri, 08 Jan 2016 14:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=270662 The Tribunal upheld the decision of the CIT(A) allowing the claim of depreciation on assets where the cost of acquisition had been claimed as an application of income. Relying on previous rulings and principles of commercial accounting, the Tribunal directed the Assessing Officer to allow the depreciation claim, dismissing the Revenue's objections. The decision aligned with the majority opinion of various High Courts and commercial principles, resulting in the dismissal of the Revenue's appeals. Case-Laws Income Tax Wed, 18 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=270662