https://www.taxtmi.com/caselaws?id=186103 Depreciation requires ownership and use for the assessee's business; machinery installed at a contract manufacturer's premises qualifies where it produces goods for the assessee. Conversely, machinery written off as obsolete must be removed from the asset block, and depreciation is unavailable on the discarded component. Demonstration equipment used as trading stock to promote sales is revenue expenditure despite book amortisation. Testing-charge disallowance for non-deduction of tax may be reconsidered where subsequent tax payment is proved. Expense reimbursements and validation charges require verification of the accounting reversal, contractual liability and supporting records to prevent duplicate taxation and determine any withholding obligation. en-us Thu, 30 Jun 2011 00:00:00 +0530 Wed, 07 Sep 2016 15:11:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=186103 Depreciation requires ownership and use for the assessee's business; machinery installed at a contract manufacturer's premises qualifies where it produces goods for the assessee. Conversely, machinery written off as obsolete must be removed from the asset block, and depreciation is unavailable on the discarded component. Demonstration equipment used as trading stock to promote sales is revenue expenditure despite book amortisation. Testing-charge disallowance for non-deduction of tax may be reconsidered where subsequent tax payment is proved. Expense reimbursements and validation charges require verification of the accounting reversal, contractual liability and supporting records to prevent duplicate taxation and determine any withholding obligation. Case-Laws Income Tax Thu, 30 Jun 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=186103