https://www.taxtmi.com/caselaws?id=179444 Depreciation under section 32(1) is restricted to half only where an asset is acquired or first put to use during the relevant previous year for less than 180 days; for assets acquired before the year, depreciation is allowed on a block basis without separate examination of each asset's use. On the facts, pre-existing assets used for more than 180 days were eligible, while assets acquired during the year remained subject to the proviso and factual verification. A banking company whose licence is cancelled continues to be governed by the Banking Regulation Act until the section 36A(2) notification is published, so banking status does not end immediately. Deduction under section 36(1)(viia), however, depends on the nature of the assets and statutory limits, and eligible components require verification. en-us Fri, 11 May 2012 00:00:00 +0530 Tue, 01 Mar 2016 18:52:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179444 Depreciation under section 32(1) is restricted to half only where an asset is acquired or first put to use during the relevant previous year for less than 180 days; for assets acquired before the year, depreciation is allowed on a block basis without separate examination of each asset's use. On the facts, pre-existing assets used for more than 180 days were eligible, while assets acquired during the year remained subject to the proviso and factual verification. A banking company whose licence is cancelled continues to be governed by the Banking Regulation Act until the section 36A(2) notification is published, so banking status does not end immediately. Deduction under section 36(1)(viia), however, depends on the nature of the assets and statutory limits, and eligible components require verification. Case-Laws Income Tax Fri, 11 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179444