https://www.taxtmi.com/caselaws?id=412389 The Supreme Court upheld the High Court's decision regarding the interpretation of depreciation rules for business assets. The case clarified that a building, despite temporary non-use for business purposes, remains a depreciable asset as long as it is part of the block of assets. The court emphasized that the asset's characterization as an investment asset in the balance-sheet does not affect its depreciable status. Resuming business use after a period of non-use allows for continued depreciation claims. The appeal was dismissed, affirming the findings and additions in the assessment order. en-us Wed, 07 Jul 2021 00:00:00 +0530 Thu, 11 Jun 2026 17:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=412389 The Supreme Court upheld the High Court's decision regarding the interpretation of depreciation rules for business assets. The case clarified that a building, despite temporary non-use for business purposes, remains a depreciable asset as long as it is part of the block of assets. The court emphasized that the asset's characterization as an investment asset in the balance-sheet does not affect its depreciable status. Resuming business use after a period of non-use allows for continued depreciation claims. The appeal was dismissed, affirming the findings and additions in the assessment order. Case-Laws Income Tax Wed, 07 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=412389