https://www.taxtmi.com/caselaws?id=6986 A successor company taking over a business as a going concern may claim depreciation-related incentives attached to new machinery even if the machinery was originally installed by the predecessor, because the allowance follows the machinery and business rather than the original installer. On the same principle, development rebate was available where the machinery was new, installed after the relevant cut-off date, wholly used for the business, and the rebate was computed with reference to the actual cost to the assessee. The absence of any express requirement that the claimant itself must have physically installed the machinery meant the successor was not disqualified. The assessee-company was therefore entitled to both the additional depreciation and the development rebate. en-us Fri, 28 Jul 1967 00:00:00 +0530 Sat, 07 Feb 2009 13:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6986 A successor company taking over a business as a going concern may claim depreciation-related incentives attached to new machinery even if the machinery was originally installed by the predecessor, because the allowance follows the machinery and business rather than the original installer. On the same principle, development rebate was available where the machinery was new, installed after the relevant cut-off date, wholly used for the business, and the rebate was computed with reference to the actual cost to the assessee. The absence of any express requirement that the claimant itself must have physically installed the machinery meant the successor was not disqualified. The assessee-company was therefore entitled to both the additional depreciation and the development rebate. Case-Laws Income Tax Fri, 28 Jul 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6986