https://www.taxtmi.com/caselaws?id=387295 Depreciation on fixed assets transferred under a 2003 transfer scheme could not be finally allowed where the assets were not itemwise identified and the opening balances of assets and liabilities had not been verified. The HC noted that an auditor later prepared itemwise accounting and the assessee ed that the assets became identifiable only later. Because the depreciation claim depended on verification of the auditor's report and updated asset records, the matter was remitted to the assessing authority for fresh examination and reconsideration on merits. en-us Thu, 17 Oct 2019 00:00:00 +0530 Mon, 21 Oct 2019 08:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=387295 Depreciation on fixed assets transferred under a 2003 transfer scheme could not be finally allowed where the assets were not itemwise identified and the opening balances of assets and liabilities had not been verified. The HC noted that an auditor later prepared itemwise accounting and the assessee ed that the assets became identifiable only later. Because the depreciation claim depended on verification of the auditor's report and updated asset records, the matter was remitted to the assessing authority for fresh examination and reconsideration on merits. Case-Laws Income Tax Thu, 17 Oct 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=387295