https://www.taxtmi.com/caselaws?id=37976 The High Court ruled in favor of M/s. Mysore Iron and Steel Ltd., allowing the development rebate and full depreciation for machinery used in construction and installation for the expansion of its factory. The court held that when machinery is used for activities directly related to the business, such as construction for expansion, it qualifies for development rebate and full depreciation benefits under the Income-tax Act, 1961. The court emphasized that the purpose should be for carrying on the business and incurred in that capacity, ultimately supporting the assessee's entitlement in this case. en-us Tue, 25 Jul 1978 00:00:00 +0530 Fri, 02 Apr 2010 13:49:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37976 The High Court ruled in favor of M/s. Mysore Iron and Steel Ltd., allowing the development rebate and full depreciation for machinery used in construction and installation for the expansion of its factory. The court held that when machinery is used for activities directly related to the business, such as construction for expansion, it qualifies for development rebate and full depreciation benefits under the Income-tax Act, 1961. The court emphasized that the purpose should be for carrying on the business and incurred in that capacity, ultimately supporting the assessee's entitlement in this case. Case-Laws Income Tax Tue, 25 Jul 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37976