https://www.taxtmi.com/caselaws?id=440713 The Tribunal ruled in favor of the assessee, directing the Assessing Officer to allow the depreciation claimed on the block of assets for the relevant assessment years. The Tribunal emphasized that ownership of the assets, their inclusion in the block of assets, and their use for business purposes justified the depreciation claim, even if some units were non-operating. The decision highlighted the principles of consistency in allowing depreciation and rejected the argument that assets of closed units should be excluded from depreciation claims. en-us Thu, 20 Jul 2023 00:00:00 +0530 Mon, 24 Jul 2023 15:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=440713 The Tribunal ruled in favor of the assessee, directing the Assessing Officer to allow the depreciation claimed on the block of assets for the relevant assessment years. The Tribunal emphasized that ownership of the assets, their inclusion in the block of assets, and their use for business purposes justified the depreciation claim, even if some units were non-operating. The decision highlighted the principles of consistency in allowing depreciation and rejected the argument that assets of closed units should be excluded from depreciation claims. Case-Laws Income Tax Thu, 20 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=440713