https://www.taxtmi.com/caselaws?id=340531 The Tribunal allowed the assessee's appeal, directing the allowance of depreciation on machinery and the deletion of the ad-hoc enhancement to the gross profit percentage. The decision emphasized that since the machinery was kept ready for use and the business was not permanently shut down, depreciation should be allowed, albeit not indefinitely. The Tribunal also instructed the acceptance of the gross profit percentage from the previous year, noting compliance with notices and audit reports. en-us Wed, 08 Mar 2017 00:00:00 +0530 Thu, 23 Mar 2017 09:08:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=340531 The Tribunal allowed the assessee's appeal, directing the allowance of depreciation on machinery and the deletion of the ad-hoc enhancement to the gross profit percentage. The decision emphasized that since the machinery was kept ready for use and the business was not permanently shut down, depreciation should be allowed, albeit not indefinitely. The Tribunal also instructed the acceptance of the gross profit percentage from the previous year, noting compliance with notices and audit reports. Case-Laws Income Tax Wed, 08 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=340531