https://www.taxtmi.com/caselaws?id=389891 The High Court upheld the decisions of the Income Tax Appellate Tribunal in favor of the assessee on both issues. It ruled that depreciation on wind mills not put to use was allowable as part of a block of assets, following the concept introduced in 1988. Additionally, the Court considered the amount paid for leasehold rights over land as revenue expenditure under Section 37(1) of the Income Tax Act, similar to rent paid in advance. The appeal was dismissed, affirming the Tribunal's decisions in favor of the assessee. en-us Wed, 27 Nov 2019 00:00:00 +0530 Wed, 18 Dec 2019 15:51:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=389891 The High Court upheld the decisions of the Income Tax Appellate Tribunal in favor of the assessee on both issues. It ruled that depreciation on wind mills not put to use was allowable as part of a block of assets, following the concept introduced in 1988. Additionally, the Court considered the amount paid for leasehold rights over land as revenue expenditure under Section 37(1) of the Income Tax Act, similar to rent paid in advance. The appeal was dismissed, affirming the Tribunal's decisions in favor of the assessee. Case-Laws Income Tax Wed, 27 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=389891