https://www.taxtmi.com/caselaws?id=187527 The ITAT Ahmedabad allowed the appeal of the assessee, overturning the decision to allow depreciation at 25% and granting the claim for higher depreciation at 50% for machineries purchased under the TUF scheme for yarn twisting, texturising, and cloth manufacturing. The ITAT relied on a previous case involving Nangalia Synthetics Pvt. Ltd. and held that machineries used in the weaving sector of the textile industry were eligible for higher depreciation. The orders of the lower authorities were set aside, and the assessee's appeal was successful. en-us Mon, 22 Mar 2010 00:00:00 +0530 Tue, 25 Oct 2016 16:25:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=187527 The ITAT Ahmedabad allowed the appeal of the assessee, overturning the decision to allow depreciation at 25% and granting the claim for higher depreciation at 50% for machineries purchased under the TUF scheme for yarn twisting, texturising, and cloth manufacturing. The ITAT relied on a previous case involving Nangalia Synthetics Pvt. Ltd. and held that machineries used in the weaving sector of the textile industry were eligible for higher depreciation. The orders of the lower authorities were set aside, and the assessee's appeal was successful. Case-Laws Income Tax Mon, 22 Mar 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=187527