https://www.taxtmi.com/caselaws?id=754604 ITAT Delhi dismissed Revenue's appeals regarding disallowance of depreciation on assets acquired from demerged company. Assessee claimed depreciation on written down value as per books of erstwhile company on demerger date. Revenue argued actual cost should be reduced by Central Excise Exemption per section 43(1) explanation 10. Tribunal followed Delhi HC precedent in Abhisar Buildwell case holding excise refund is revenue receipt forming part of business profits, cannot reduce plant machinery cost. Depreciation claim allowed as disallowance would only enhance profits eligible for section 80IC deduction. FAA's direction to verify assets brought at closing WDV from demerged company upheld. en-us Mon, 22 Jan 2024 00:00:00 +0530 Thu, 27 Jun 2024 08:56:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754604 ITAT Delhi dismissed Revenue's appeals regarding disallowance of depreciation on assets acquired from demerged company. Assessee claimed depreciation on written down value as per books of erstwhile company on demerger date. Revenue argued actual cost should be reduced by Central Excise Exemption per section 43(1) explanation 10. Tribunal followed Delhi HC precedent in Abhisar Buildwell case holding excise refund is revenue receipt forming part of business profits, cannot reduce plant machinery cost. Depreciation claim allowed as disallowance would only enhance profits eligible for section 80IC deduction. FAA's direction to verify assets brought at closing WDV from demerged company upheld. Case-Laws Income Tax Mon, 22 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754604