https://www.taxtmi.com/caselaws?id=31161 The Court upheld the Tribunal's decision in an appeal under Section 260A of the Income Tax Act for the assessment year 1998-99. It was determined that Section 41(2) did not apply as the block of assets, including Plant and Machinery, remained intact, allowing for correct depreciation claims under Section 32(1) of the Act. The Court dismissed the revenue's appeal, affirming the Tribunal's interpretation and application of the relevant sections of the Income Tax Act regarding the assessment of depreciation on the sale of machinery. en-us Tue, 19 Feb 2008 00:00:00 +0530 Fri, 21 Dec 2012 16:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=31161 The Court upheld the Tribunal's decision in an appeal under Section 260A of the Income Tax Act for the assessment year 1998-99. It was determined that Section 41(2) did not apply as the block of assets, including Plant and Machinery, remained intact, allowing for correct depreciation claims under Section 32(1) of the Act. The Court dismissed the revenue's appeal, affirming the Tribunal's interpretation and application of the relevant sections of the Income Tax Act regarding the assessment of depreciation on the sale of machinery. Case-Laws Income Tax Tue, 19 Feb 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=31161