https://www.taxtmi.com/caselaws?id=439630 The Tribunal upheld the disallowance of depreciation claimed by the assessee for the assessment years 2011-12, 2012-13, and 2013-14. The disallowance was based on the cessation of business activity since 2003 and the non-utilization of machinery for manufacturing purposes. The Tribunal emphasized the requirement of actual use of assets for claiming depreciation, in line with legal precedents. Consequently, the appeals challenging the disallowance were dismissed for all relevant assessment years. en-us Thu, 23 Feb 2023 00:00:00 +0530 Wed, 28 Jun 2023 17:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=439630 The Tribunal upheld the disallowance of depreciation claimed by the assessee for the assessment years 2011-12, 2012-13, and 2013-14. The disallowance was based on the cessation of business activity since 2003 and the non-utilization of machinery for manufacturing purposes. The Tribunal emphasized the requirement of actual use of assets for claiming depreciation, in line with legal precedents. Consequently, the appeals challenging the disallowance were dismissed for all relevant assessment years. Case-Laws Income Tax Thu, 23 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=439630