https://www.taxtmi.com/caselaws?id=416501 The ITAT dismissed the Revenue's appeal and upheld the CIT (A)'s decision, allowing the assessee's claim for depreciation on assets transferred from UPJVNL to UJVNL. The ITAT concluded that the assets were not acquired free of cost and that the demerger led to a legitimate division of assets, entitling the assessee to depreciation as per the Income Tax Act. The final judgment on 1st December 2021 favored the assessee, affirming their right to claim depreciation on the transferred assets. en-us Wed, 01 Dec 2021 00:00:00 +0530 Thu, 30 Dec 2021 21:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=416501 The ITAT dismissed the Revenue's appeal and upheld the CIT (A)'s decision, allowing the assessee's claim for depreciation on assets transferred from UPJVNL to UJVNL. The ITAT concluded that the assets were not acquired free of cost and that the demerger led to a legitimate division of assets, entitling the assessee to depreciation as per the Income Tax Act. The final judgment on 1st December 2021 favored the assessee, affirming their right to claim depreciation on the transferred assets. Case-Laws Income Tax Wed, 01 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=416501