https://www.taxtmi.com/caselaws?id=10542 The court upheld the Income-tax Appellate Tribunal's decision to allow depreciation on plant and machinery of a vegetable ghee unit, despite not being actively used for the full relevant year. The court relied on the interpretation of section 32 of the Income-tax Act, emphasizing that depreciation should be granted if the asset is owned by the assessee and intended for business use. Precedents were cited to support depreciation on assets kept ready for use, leading to a favorable judgment for the assessee. en-us Tue, 30 Nov 2004 00:00:00 +0530 Fri, 17 Jul 2009 12:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10542 The court upheld the Income-tax Appellate Tribunal's decision to allow depreciation on plant and machinery of a vegetable ghee unit, despite not being actively used for the full relevant year. The court relied on the interpretation of section 32 of the Income-tax Act, emphasizing that depreciation should be granted if the asset is owned by the assessee and intended for business use. Precedents were cited to support depreciation on assets kept ready for use, leading to a favorable judgment for the assessee. Case-Laws Income Tax Tue, 30 Nov 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10542