https://www.taxtmi.com/caselaws?id=374609 The Tribunal dismissed the Revenue's appeal challenging the disallowance of depreciation claimed by the assessee for the assessment year 2007-08. Despite the assets' cost being treated as application of income in earlier years, the Tribunal held that depreciation can be claimed, citing Supreme Court and Bombay High Court judgments. Allowing depreciation on such assets does not result in a double benefit to the assessee, as it is a legitimate deduction to calculate the real income. The Tribunal upheld the validity of the depreciation claim, following established legal principles. en-us Mon, 28 Jan 2019 00:00:00 +0530 Tue, 05 Feb 2019 06:15:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=374609 The Tribunal dismissed the Revenue's appeal challenging the disallowance of depreciation claimed by the assessee for the assessment year 2007-08. Despite the assets' cost being treated as application of income in earlier years, the Tribunal held that depreciation can be claimed, citing Supreme Court and Bombay High Court judgments. Allowing depreciation on such assets does not result in a double benefit to the assessee, as it is a legitimate deduction to calculate the real income. The Tribunal upheld the validity of the depreciation claim, following established legal principles. Case-Laws Income Tax Mon, 28 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=374609