https://www.taxtmi.com/caselaws?id=434544 The Tribunal upheld the Revenue's view that Section 11(6) of the Income Tax Act, 1961 applies prospectively from AY 2015-16, disallowing depreciation on assets if their cost was previously claimed as an application of income. The appeal of the assessee was dismissed, affirming the disallowance of depreciation amounting to Rs. 7,95,37,619. en-us Mon, 13 Feb 2023 00:00:00 +0530 Fri, 24 Feb 2023 11:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=434544 The Tribunal upheld the Revenue's view that Section 11(6) of the Income Tax Act, 1961 applies prospectively from AY 2015-16, disallowing depreciation on assets if their cost was previously claimed as an application of income. The appeal of the assessee was dismissed, affirming the disallowance of depreciation amounting to Rs. 7,95,37,619. Case-Laws Income Tax Mon, 13 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=434544