https://www.taxtmi.com/caselaws?id=435699 The Tribunal upheld the CIT(A)'s decision and dismissed the Revenue's appeal regarding the disallowance of depreciation claimed by the assessee company after a merger with a partnership firm. The Tribunal found that the assessee met all conditions for claiming depreciation in case of succession as per relevant provisions of the Income Tax Act, including transfer of assets, shareholding patterns, and compliance with section 72A(6). Consequently, the assessee was entitled to the depreciation claim, and the Tribunal ruled in favor of the assessee, affirming their eligibility for the deduction. en-us Fri, 21 Oct 2022 00:00:00 +0530 Sat, 25 Mar 2023 13:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=435699 The Tribunal upheld the CIT(A)'s decision and dismissed the Revenue's appeal regarding the disallowance of depreciation claimed by the assessee company after a merger with a partnership firm. The Tribunal found that the assessee met all conditions for claiming depreciation in case of succession as per relevant provisions of the Income Tax Act, including transfer of assets, shareholding patterns, and compliance with section 72A(6). Consequently, the assessee was entitled to the depreciation claim, and the Tribunal ruled in favor of the assessee, affirming their eligibility for the deduction. Case-Laws Income Tax Fri, 21 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=435699