https://www.taxtmi.com/caselaws?id=415831 The Tribunal affirmed the CIT(A)'s decision that the assessee had utilized the assets during the assessment year, allowing the depreciation claim under Section 32 of the Income Tax Act, 1961. The Tribunal dismissed the Revenue's appeal, stating the AO's disallowance lacked justification. It was found that the CIT(A) appropriately admitted and considered the additional evidence presented by the assessee, emphasizing that the assets were indeed put to use as evidenced by financial statements and statutory records. en-us Mon, 13 Dec 2021 00:00:00 +0530 Wed, 15 Dec 2021 09:27:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=415831 The Tribunal affirmed the CIT(A)'s decision that the assessee had utilized the assets during the assessment year, allowing the depreciation claim under Section 32 of the Income Tax Act, 1961. The Tribunal dismissed the Revenue's appeal, stating the AO's disallowance lacked justification. It was found that the CIT(A) appropriately admitted and considered the additional evidence presented by the assessee, emphasizing that the assets were indeed put to use as evidenced by financial statements and statutory records. Case-Laws Income Tax Mon, 13 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=415831