https://www.taxtmi.com/caselaws?id=398216 The High Court upheld the Tribunal's decision in a tax case regarding the valuation of a windmill for depreciation purposes. The dispute centered on the actual purchase price of the second-hand asset and the inflated cost to reduce tax liability. The Tribunal's reevaluation of the factual position, considering factors like obsolescence and excessive depreciation claimed, led to the dismissal of appeals. The Court emphasized the importance of objective determination of the value of second-hand assets for depreciation, affirming no substantial question of law for consideration. en-us Fri, 04 Sep 2020 00:00:00 +0530 Sat, 30 Jan 2021 11:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=398216 The High Court upheld the Tribunal's decision in a tax case regarding the valuation of a windmill for depreciation purposes. The dispute centered on the actual purchase price of the second-hand asset and the inflated cost to reduce tax liability. The Tribunal's reevaluation of the factual position, considering factors like obsolescence and excessive depreciation claimed, led to the dismissal of appeals. The Court emphasized the importance of objective determination of the value of second-hand assets for depreciation, affirming no substantial question of law for consideration. Case-Laws Income Tax Fri, 04 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=398216