https://www.taxtmi.com/caselaws?id=375515 The High Court upheld the decision of the Income Tax Appellate Tribunal, ruling that the assessee could not claim depreciation at 100% in the year of purchase for tools that were wrongly capitalized as expenses. The Tribunal determined that the tools had a short lifespan and should have been treated as revenue expenditure. The court found that the Assessing Officer misunderstood the situation, and the claim was correctly treated as a revenue expenditure. The Income Tax Appeal was rejected, with no costs awarded. en-us Fri, 01 Feb 2019 00:00:00 +0530 Wed, 20 Feb 2019 06:38:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=375515 The High Court upheld the decision of the Income Tax Appellate Tribunal, ruling that the assessee could not claim depreciation at 100% in the year of purchase for tools that were wrongly capitalized as expenses. The Tribunal determined that the tools had a short lifespan and should have been treated as revenue expenditure. The court found that the Assessing Officer misunderstood the situation, and the claim was correctly treated as a revenue expenditure. The Income Tax Appeal was rejected, with no costs awarded. Case-Laws Income Tax Fri, 01 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=375515