https://www.taxtmi.com/caselaws?id=448735 ITAT Delhi dismissed the assessee's appeal regarding depreciation on wind mill for A.Y. 2015-16. The tribunal upheld the disallowance since the seller company APIL had already claimed depreciation on the same asset, and the assessee failed to prove ownership through documentary evidence. The twin conditions of ownership and business use were not satisfied. However, the tribunal allowed the assessee's appeal regarding addition under section 56(2)(viib) for shares issued at premium to its holding company. The tribunal held that shares were issued at fair market value certified by a chartered accountant using the recognized Discounted Cash Flow method, and transactions between holding and subsidiary companies don't attract deemed income provisions. en-us Thu, 25 Jan 2024 00:00:00 +0530 Mon, 08 Jun 2026 13:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448735 ITAT Delhi dismissed the assessee's appeal regarding depreciation on wind mill for A.Y. 2015-16. The tribunal upheld the disallowance since the seller company APIL had already claimed depreciation on the same asset, and the assessee failed to prove ownership through documentary evidence. The twin conditions of ownership and business use were not satisfied. However, the tribunal allowed the assessee's appeal regarding addition under section 56(2)(viib) for shares issued at premium to its holding company. The tribunal held that shares were issued at fair market value certified by a chartered accountant using the recognized Discounted Cash Flow method, and transactions between holding and subsidiary companies don't attract deemed income provisions. Case-Laws Income Tax Thu, 25 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448735