https://www.taxtmi.com/caselaws?id=763068 The Karnataka HC dismissed the Revenue's appeal regarding depreciation on a solar plant. The court held that the assessee was entitled to claim depreciation from 20.03.2013 (FY 2012-13) when electricity generation began, rather than from 20.04.2013 when grid synchronization occurred (FY 2013-14). The HC ruled that machinery put to bona fide use for business purposes, even if subsequently becoming defective, qualifies as "put to use" for depreciation purposes, citing precedent that installation with genuine business intent constitutes usage regardless of temporary operational issues. en-us Mon, 25 Nov 2024 00:00:00 +0530 Wed, 11 Dec 2024 17:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763068 The Karnataka HC dismissed the Revenue's appeal regarding depreciation on a solar plant. The court held that the assessee was entitled to claim depreciation from 20.03.2013 (FY 2012-13) when electricity generation began, rather than from 20.04.2013 when grid synchronization occurred (FY 2013-14). The HC ruled that machinery put to bona fide use for business purposes, even if subsequently becoming defective, qualifies as "put to use" for depreciation purposes, citing precedent that installation with genuine business intent constitutes usage regardless of temporary operational issues. Case-Laws Income Tax Mon, 25 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763068