https://www.taxtmi.com/caselaws?id=338578 The High Court ruled in favor of the assessee, overturning the Tribunal's decision to disallow depreciation claimed on plant and machinery not utilized during the relevant year. The court held that assets need not be simultaneously used to qualify for depreciation if they are intended for business purposes. The court emphasized that once assets are employed for business, it is not necessary for all items within plant and machinery to be in use simultaneously for depreciation eligibility. en-us Tue, 28 Jun 2016 00:00:00 +0530 Tue, 07 Feb 2017 16:10:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=338578 The High Court ruled in favor of the assessee, overturning the Tribunal's decision to disallow depreciation claimed on plant and machinery not utilized during the relevant year. The court held that assets need not be simultaneously used to qualify for depreciation if they are intended for business purposes. The court emphasized that once assets are employed for business, it is not necessary for all items within plant and machinery to be in use simultaneously for depreciation eligibility. Case-Laws Income Tax Tue, 28 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=338578