https://www.taxtmi.com/caselaws?id=377646 The Tribunal allowed the appeal, ruling that the disallowance of depreciation was unjustified. It held that the existence of assets in the block was sufficient for depreciation claims, and the partial allowance of depreciation indicated the business had not ceased entirely. Following the precedent of Swati Synthetics Ltd. vs. ITO, the Tribunal deleted the disallowance of depreciation, emphasizing that individual asset use need not be re-examined annually under the block of assets concept. en-us Fri, 15 Feb 2019 00:00:00 +0530 Mon, 01 Apr 2019 10:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=377646 The Tribunal allowed the appeal, ruling that the disallowance of depreciation was unjustified. It held that the existence of assets in the block was sufficient for depreciation claims, and the partial allowance of depreciation indicated the business had not ceased entirely. Following the precedent of Swati Synthetics Ltd. vs. ITO, the Tribunal deleted the disallowance of depreciation, emphasizing that individual asset use need not be re-examined annually under the block of assets concept. Case-Laws Income Tax Fri, 15 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=377646