https://www.taxtmi.com/caselaws?id=413685 The Tribunal allowed the assessee's appeal, overturning the disallowance of depreciation by the Assessing Officer and confirmation by the Commissioner of Income Tax (Appeals). The Tribunal held that despite the temporary suspension of business operations, the company's efforts to refurbish assets and resume business indicated a valid intention for depreciation claim. Citing judicial consistency and the company's active steps to revive business, the Tribunal directed the AO to allow the depreciation claim of Rs. 6,13,14,399 for the relevant assessment year. en-us Fri, 08 Oct 2021 00:00:00 +0530 Mon, 18 Oct 2021 09:29:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413685 The Tribunal allowed the assessee's appeal, overturning the disallowance of depreciation by the Assessing Officer and confirmation by the Commissioner of Income Tax (Appeals). The Tribunal held that despite the temporary suspension of business operations, the company's efforts to refurbish assets and resume business indicated a valid intention for depreciation claim. Citing judicial consistency and the company's active steps to revive business, the Tribunal directed the AO to allow the depreciation claim of Rs. 6,13,14,399 for the relevant assessment year. Case-Laws Income Tax Fri, 08 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413685