https://www.taxtmi.com/caselaws?id=332138 Depreciation on transferred fixed assets forming part of a block of assets was allowable on written down value without physical verification of each individual asset, and the Tribunal accepted the assessee's claim on that issue. Subsidy, grant or consumer contribution received towards capital assets had to be reduced from actual cost under Explanation 10 to section 43, so the related depreciation and book-profit computation were adjusted against the assessee. Prior period expenses were allowed where they crystallised and were supported by the audited accounts and surrounding facts. The Tribunal also held that section 115JB MAT was not to be applied to the Government-owned electricity undertaking in view of the special statutory and accounting framework. en-us Thu, 14 Jul 2016 00:00:00 +0530 Wed, 31 Aug 2016 11:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=332138 Depreciation on transferred fixed assets forming part of a block of assets was allowable on written down value without physical verification of each individual asset, and the Tribunal accepted the assessee's claim on that issue. Subsidy, grant or consumer contribution received towards capital assets had to be reduced from actual cost under Explanation 10 to section 43, so the related depreciation and book-profit computation were adjusted against the assessee. Prior period expenses were allowed where they crystallised and were supported by the audited accounts and surrounding facts. The Tribunal also held that section 115JB MAT was not to be applied to the Government-owned electricity undertaking in view of the special statutory and accounting framework. Case-Laws Income Tax Thu, 14 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=332138