https://www.taxtmi.com/caselaws?id=377616 The High Court of Calcutta addressed the interpretation of an agreement for claiming depreciation on plant and machinery. The appellant sought depreciation benefits on assets purchased under the agreement, arguing that the entire consideration amount was for acquiring capital assets. The revenue contended that the portion for worker liabilities could not be considered capital expenditure. The Court emphasized the importance of properly determining the facts based on the agreement and remanded the matter to the tribunal for a fresh assessment within six months to clarify the nature of the consideration paid. en-us Mon, 18 Mar 2019 00:00:00 +0530 Mon, 01 Apr 2019 09:36:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=377616 The High Court of Calcutta addressed the interpretation of an agreement for claiming depreciation on plant and machinery. The appellant sought depreciation benefits on assets purchased under the agreement, arguing that the entire consideration amount was for acquiring capital assets. The revenue contended that the portion for worker liabilities could not be considered capital expenditure. The Court emphasized the importance of properly determining the facts based on the agreement and remanded the matter to the tribunal for a fresh assessment within six months to clarify the nature of the consideration paid. Case-Laws Income Tax Mon, 18 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=377616