https://www.taxtmi.com/caselaws?id=275359 The Income Tax Appellate Tribunal held that depreciation on Plant & Machinery was not allowable due to the suspension of manufacturing activity by the Appellant company. The Tribunal emphasized that the assets must be used for business purposes to claim depreciation, as per Section 38(2) of the Act. Additionally, it was found that depreciation on trucks used for earning income was allowable as they were part of a separate block of assets. The Tribunal dismissed the appeals, stating no substantial question of law arose, and the appeals were dismissed at the admission stage. en-us Thu, 28 Jun 2007 00:00:00 +0530 Fri, 28 Sep 2018 17:01:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=275359 The Income Tax Appellate Tribunal held that depreciation on Plant & Machinery was not allowable due to the suspension of manufacturing activity by the Appellant company. The Tribunal emphasized that the assets must be used for business purposes to claim depreciation, as per Section 38(2) of the Act. Additionally, it was found that depreciation on trucks used for earning income was allowable as they were part of a separate block of assets. The Tribunal dismissed the appeals, stating no substantial question of law arose, and the appeals were dismissed at the admission stage. Case-Laws Income Tax Thu, 28 Jun 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=275359