https://www.taxtmi.com/caselaws?id=3352 The court upheld the Income Tax Appellate Tribunal's decision to restrict the Assessee's depreciation claim under Section 38(2) of the Income Tax Act, 1961. The Assessee's assets were not deemed to be exclusively used for business purposes due to a transfer of 85% of sales to another party. The Tribunal found no substantial question of law and dismissed the appeal, affirming that the Assessee did not utilize its fixed assets solely for its business, leading to the restriction of the depreciation claim. en-us Mon, 10 Mar 2008 00:00:00 +0530 Tue, 29 Jul 2008 12:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=3352 The court upheld the Income Tax Appellate Tribunal's decision to restrict the Assessee's depreciation claim under Section 38(2) of the Income Tax Act, 1961. The Assessee's assets were not deemed to be exclusively used for business purposes due to a transfer of 85% of sales to another party. The Tribunal found no substantial question of law and dismissed the appeal, affirming that the Assessee did not utilize its fixed assets solely for its business, leading to the restriction of the depreciation claim. Case-Laws Income Tax Mon, 10 Mar 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=3352