https://www.taxtmi.com/highlights?id=60146 Disallowance of depreciation - no business activity was carried out by the assessee company - The use of individual asset for the purpose of business may be examined only in the first year when the asset was purchased and put to use but not in the subsequent years, when use of block of assets is to be examined, existence of individual asset in block of assets itself amounts to use for the purpose of business. Once an asset is included in the block of assets, it remains in block for its entire line. - AT en-us Mon, 18 Oct 2021 09:29:20 +0530 Mon, 18 Oct 2021 09:29:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=60146 Disallowance of depreciation - no business activity was carried out by the assessee company - The use of individual asset for the purpose of business may be examined only in the first year when the asset was purchased and put to use but not in the subsequent years, when use of block of assets is to be examined, existence of individual asset in block of assets itself amounts to use for the purpose of business. Once an asset is included in the block of assets, it remains in block for its entire line. - AT Highlights Income Tax Mon, 18 Oct 2021 09:29:20 +0530 https://www.taxtmi.com/highlights?id=60146