https://www.taxtmi.com/caselaws?id=427388 The delay in filing the appeal was condoned due to the COVID-19 pandemic lockdown period, and the appeal was admitted for adjudication. The disallowance of a depreciation allowance claimed by the assessee was overturned by the Tribunal. The Tribunal emphasized the 'block of assets' concept, stating that depreciation is mandatory under section 32 of the Act, and directed the AO to allow the depreciation claim of Rs. 1,34,95,087/-. The appeal was allowed, and the AO was directed to allow the depreciation claim. en-us Mon, 01 Aug 2022 00:00:00 +0530 Thu, 08 Sep 2022 17:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427388 The delay in filing the appeal was condoned due to the COVID-19 pandemic lockdown period, and the appeal was admitted for adjudication. The disallowance of a depreciation allowance claimed by the assessee was overturned by the Tribunal. The Tribunal emphasized the 'block of assets' concept, stating that depreciation is mandatory under section 32 of the Act, and directed the AO to allow the depreciation claim of Rs. 1,34,95,087/-. The appeal was allowed, and the AO was directed to allow the depreciation claim. Case-Laws Income Tax Mon, 01 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427388