https://www.taxtmi.com/caselaws?id=412741 The ITAT allowed the Assessee's appeal, directing the full depreciation allowance on pre-commencement rent and other expenses. The decision was based on the principle that expenses essential for bringing fixed assets into existence and putting them in working condition should be capitalized. The ITAT emphasized the applicability of Accounting Standard 10 and legal precedents in allowing depreciation on such capital expenditures, contrary to the revenue authorities' disallowance. en-us Mon, 20 Sep 2021 00:00:00 +0530 Sat, 25 Sep 2021 12:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=412741 The ITAT allowed the Assessee's appeal, directing the full depreciation allowance on pre-commencement rent and other expenses. The decision was based on the principle that expenses essential for bringing fixed assets into existence and putting them in working condition should be capitalized. The ITAT emphasized the applicability of Accounting Standard 10 and legal precedents in allowing depreciation on such capital expenditures, contrary to the revenue authorities' disallowance. Case-Laws Income Tax Mon, 20 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=412741