https://www.taxtmi.com/caselaws?id=383351 The High Court reversed the Tribunal's decision to reject the depreciation claim on a windmill, determining that the windmill was indeed "used" for business purposes as it was capable of generating electricity. The Court allowed the depreciation claim based on broader interpretations of "used" from various precedents. Additionally, the Court ruled in favor of the assessee for claiming additional depreciation, emphasizing that generating electricity qualifies as manufacturing, entitling the assessee to additional depreciation under Section 32(1)(iia). Both substantial questions of law were decided in favor of the assessee, and the appeals were allowed. en-us Thu, 11 Jul 2019 00:00:00 +0530 Mon, 27 Jul 2020 17:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=383351 The High Court reversed the Tribunal's decision to reject the depreciation claim on a windmill, determining that the windmill was indeed "used" for business purposes as it was capable of generating electricity. The Court allowed the depreciation claim based on broader interpretations of "used" from various precedents. Additionally, the Court ruled in favor of the assessee for claiming additional depreciation, emphasizing that generating electricity qualifies as manufacturing, entitling the assessee to additional depreciation under Section 32(1)(iia). Both substantial questions of law were decided in favor of the assessee, and the appeals were allowed. Case-Laws Income Tax Thu, 11 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=383351