https://www.taxtmi.com/caselaws?id=34294 The court upheld the ITAT's decision to allow depreciation on the flat purchased by the assessee in Mumbai, emphasizing that the asset being ready for business use suffices for depreciation claim, even if not actively used. Regarding the expenditure on two machines, the court supported the assessee's claim based on the mercantile method of accounting, where liability to pay justifies claiming the expenditure. Additionally, the court approved the expenditure on the R&D office at Lalru, finding the provided evidence satisfactory and dismissing the Revenue's contentions. Ultimately, the court dismissed the appeal, concluding no substantial question of law arose from the judgment. en-us Mon, 27 Jul 2009 00:00:00 +0530 Sat, 14 Aug 2010 13:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=34294 The court upheld the ITAT's decision to allow depreciation on the flat purchased by the assessee in Mumbai, emphasizing that the asset being ready for business use suffices for depreciation claim, even if not actively used. Regarding the expenditure on two machines, the court supported the assessee's claim based on the mercantile method of accounting, where liability to pay justifies claiming the expenditure. Additionally, the court approved the expenditure on the R&D office at Lalru, finding the provided evidence satisfactory and dismissing the Revenue's contentions. Ultimately, the court dismissed the appeal, concluding no substantial question of law arose from the judgment. Case-Laws Income Tax Mon, 27 Jul 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=34294