https://www.taxtmi.com/caselaws?id=276446 Whether reconditioned Jackstone Junior Frosters qualify as "new" for initial and extra depreciation under Sections 10(2)(vi) and 10(2)(via) was examined by applying the statutory meaning of "new" as something made or brought into existence for the first time. Suppliers' admissions of prior use and reconditioning (dismantling, renewal of worn parts, reassembly) left the machines with their original identity; reconditioning making them "virtually as new" does not amount to manufacture for the first time. Outcome: the machines are not "new" and the claim for initial and extra depreciations is rejected. en-us Mon, 26 Mar 1962 00:00:00 +0530 Mon, 12 Nov 2018 12:41:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276446 Whether reconditioned Jackstone Junior Frosters qualify as "new" for initial and extra depreciation under Sections 10(2)(vi) and 10(2)(via) was examined by applying the statutory meaning of "new" as something made or brought into existence for the first time. Suppliers' admissions of prior use and reconditioning (dismantling, renewal of worn parts, reassembly) left the machines with their original identity; reconditioning making them "virtually as new" does not amount to manufacture for the first time. Outcome: the machines are not "new" and the claim for initial and extra depreciations is rejected. Case-Laws Income Tax Mon, 26 Mar 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276446