https://www.taxtmi.com/caselaws?id=357874 The ITAT Pune dismissed the Revenue's appeals concerning the claim of depreciation on capital assets previously allowed as application of income under section 11 of the Income-tax Act, 1961. The ITAT upheld the CIT(A)'s decision, allowing the assessee's depreciation claim. Relying on the Supreme Court's and High Court's judgments, the ITAT emphasized that depreciation could be claimed on assets even if the cost had been allowed as application of income in prior years. The ITAT's decision aligned with commercial principles and affirmed the allowance of depreciation claims on such assets, dismissing the Revenue's appeals based on identical facts and issues. en-us Mon, 26 Mar 2018 00:00:00 +0530 Sat, 31 Mar 2018 07:19:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=357874 The ITAT Pune dismissed the Revenue's appeals concerning the claim of depreciation on capital assets previously allowed as application of income under section 11 of the Income-tax Act, 1961. The ITAT upheld the CIT(A)'s decision, allowing the assessee's depreciation claim. Relying on the Supreme Court's and High Court's judgments, the ITAT emphasized that depreciation could be claimed on assets even if the cost had been allowed as application of income in prior years. The ITAT's decision aligned with commercial principles and affirmed the allowance of depreciation claims on such assets, dismissing the Revenue's appeals based on identical facts and issues. Case-Laws Income Tax Mon, 26 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=357874