https://www.taxtmi.com/caselaws?id=757522 The ITAT Delhi ruled in favor of the assessee regarding disallowance of depreciation on assets. Revenue authorities had disallowed depreciation claiming assets were not put to use, citing invoices in associate company's name and some dated in next financial year. The tribunal found that asset ownership was properly transferred via inter-office memos, assets were actually in use with payments made during assessment year, and business transfer agreement delays were due to technical reasons. Crucially, since revenue authorities accepted income based on depreciation plus 15% markup billed to associated enterprise, they could not deny the corresponding depreciation cost. en-us Tue, 06 Feb 2024 00:00:00 +0530 Wed, 28 Aug 2024 09:06:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757522 The ITAT Delhi ruled in favor of the assessee regarding disallowance of depreciation on assets. Revenue authorities had disallowed depreciation claiming assets were not put to use, citing invoices in associate company's name and some dated in next financial year. The tribunal found that asset ownership was properly transferred via inter-office memos, assets were actually in use with payments made during assessment year, and business transfer agreement delays were due to technical reasons. Crucially, since revenue authorities accepted income based on depreciation plus 15% markup billed to associated enterprise, they could not deny the corresponding depreciation cost. Case-Laws Income Tax Tue, 06 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757522