https://www.taxtmi.com/caselaws?id=33676 The High Court upheld the Tribunal's decision to allow depreciation on plant and machinery for the assessee in the assessment year 1996-97. The court emphasized that the machinery must be used for business purposes during the accounting year to qualify for depreciation, regardless of the level of production. The court found that since the assessee had commenced production, incurred expenses, and used the assets for business activities, depreciation should be allowed as per section 32 of the Income-tax Act. The Revenue's appeal was dismissed for lacking merit. en-us Mon, 06 Aug 2007 00:00:00 +0530 Thu, 04 Jun 2009 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=33676 The High Court upheld the Tribunal's decision to allow depreciation on plant and machinery for the assessee in the assessment year 1996-97. The court emphasized that the machinery must be used for business purposes during the accounting year to qualify for depreciation, regardless of the level of production. The court found that since the assessee had commenced production, incurred expenses, and used the assets for business activities, depreciation should be allowed as per section 32 of the Income-tax Act. The Revenue's appeal was dismissed for lacking merit. Case-Laws Income Tax Mon, 06 Aug 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=33676