https://www.taxtmi.com/caselaws?id=287496 The Income Tax Appellate Tribunal (ITAT) allowed the appellant company's appeal, overturning the disallowance of depreciation claimed by the company. The ITAT held that the appellant was entitled to depreciation on the enhanced cost of assets taken over from a previous firm, as revalued by a Government Approved Registered Valuer. The ITAT emphasized compliance with Section 47(xiii) of the Income Tax Act and cited relevant precedents to support its decision. The ITAT directed the Assessing Officer to allow depreciation as claimed by the appellant, setting aside the Commissioner of Income Tax (Appeals) order. en-us Fri, 15 Mar 2019 00:00:00 +0530 Thu, 16 Apr 2020 12:31:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=287496 The Income Tax Appellate Tribunal (ITAT) allowed the appellant company's appeal, overturning the disallowance of depreciation claimed by the company. The ITAT held that the appellant was entitled to depreciation on the enhanced cost of assets taken over from a previous firm, as revalued by a Government Approved Registered Valuer. The ITAT emphasized compliance with Section 47(xiii) of the Income Tax Act and cited relevant precedents to support its decision. The ITAT directed the Assessing Officer to allow depreciation as claimed by the appellant, setting aside the Commissioner of Income Tax (Appeals) order. Case-Laws Income Tax Fri, 15 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=287496