https://www.taxtmi.com/caselaws?id=440994 The Tribunal upheld the allowance of higher depreciation at 60% on ATMs, treating them as computers, in line with prior decisions in the assessee's case. The revenue's appeal, contesting the depreciation rate, was dismissed, affirming that ATMs qualify for enhanced depreciation due to their computer-like functions. The Tribunal emphasized the functional test over commercial parlance in determining depreciation rates under the Income Tax Act, directing the Assessing Officer to permit the claimed depreciation rate. en-us Wed, 26 Jul 2023 00:00:00 +0530 Sat, 29 Jul 2023 11:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=440994 The Tribunal upheld the allowance of higher depreciation at 60% on ATMs, treating them as computers, in line with prior decisions in the assessee's case. The revenue's appeal, contesting the depreciation rate, was dismissed, affirming that ATMs qualify for enhanced depreciation due to their computer-like functions. The Tribunal emphasized the functional test over commercial parlance in determining depreciation rates under the Income Tax Act, directing the Assessing Officer to permit the claimed depreciation rate. Case-Laws Income Tax Wed, 26 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=440994