https://www.taxtmi.com/caselaws?id=448297 The ITAT Delhi ruled in favor of the assessee regarding depreciation on a newly purchased aircraft. The AO had allowed only 20% depreciation instead of 40%, arguing the aircraft was used for less than 180 days based on the airworthiness certificate date. The ITAT held that the assessee was the de facto and de jure owner from July 2012, and "used for business purposes" under Section 32 doesn't require revenue generation - readiness for use suffices. The tribunal restored issues regarding deferred revenue expenditure and repair/maintenance expenses to CIT(A) for fresh consideration, but upheld the disallowance of interest on TDS as non-allowable expenditure. en-us Fri, 12 Jan 2024 00:00:00 +0530 Wed, 04 Dec 2024 14:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448297 The ITAT Delhi ruled in favor of the assessee regarding depreciation on a newly purchased aircraft. The AO had allowed only 20% depreciation instead of 40%, arguing the aircraft was used for less than 180 days based on the airworthiness certificate date. The ITAT held that the assessee was the de facto and de jure owner from July 2012, and "used for business purposes" under Section 32 doesn't require revenue generation - readiness for use suffices. The tribunal restored issues regarding deferred revenue expenditure and repair/maintenance expenses to CIT(A) for fresh consideration, but upheld the disallowance of interest on TDS as non-allowable expenditure. Case-Laws Income Tax Fri, 12 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448297