https://www.taxtmi.com/caselaws?id=20372 The High Court ruled in favor of the assessee, upholding the Income-tax Appellate Tribunal's decision to allow 100% depreciation on fire glass melting furnaces acquired in earlier years. The Court emphasized that the eligibility for depreciation is not restricted based on the year of acquisition of the asset, referencing a previous decision involving old salt pans to support this view. The assessee was deemed entitled to claim 100% depreciation on the written down value of the furnaces, calculated based on the actual cost less depreciation. The Court's decision favored the assessee over the Revenue, and the reference was disposed of with no order as to costs. en-us Mon, 12 Jul 1993 00:00:00 +0530 Fri, 13 Nov 2009 15:39:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20372 The High Court ruled in favor of the assessee, upholding the Income-tax Appellate Tribunal's decision to allow 100% depreciation on fire glass melting furnaces acquired in earlier years. The Court emphasized that the eligibility for depreciation is not restricted based on the year of acquisition of the asset, referencing a previous decision involving old salt pans to support this view. The assessee was deemed entitled to claim 100% depreciation on the written down value of the furnaces, calculated based on the actual cost less depreciation. The Court's decision favored the assessee over the Revenue, and the reference was disposed of with no order as to costs. Case-Laws Income Tax Mon, 12 Jul 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20372