Solar plant entitled depreciation from installation despite initial defects; business use determined by electricity generation date.

Solar plant entitled depreciation from installation despite initial defects; business use determined by electricity generation date. https://www.taxtmi.com/highlights?id=83925 The High Court held that the solar plant was put to use for the purpose of business on 20.03.2013 when it started generating electricity, despite being non-functional initially due to defects. Consequently, the assessee was entitled to claim depreciation on the solar plant from the financial year 2012-13 itself, even though synchronization with the grid took place on 20.04.2013 in the subsequent financial year 2013-14. The appeal filed by the Revenue was dismissed. en-us Thu, 12 Dec 2024 08:55:57 +0530 Thu, 12 Dec 2024 08:55:57 +0530 TaxTMI RSS Generator Solar plant entitled depreciation from installation despite initial defects; business use determined by electricity generation date. https://www.taxtmi.com/highlights?id=83925 The High Court held that the solar plant was put to use for the purpose of business on 20.03.2013 when it started generating electricity, despite being non-functional initially due to defects. Consequently, the assessee was entitled to claim depreciation on the solar plant from the financial year 2012-13 itself, even though synchronization with the grid took place on 20.04.2013 in the subsequent financial year 2013-14. The appeal filed by the Revenue was dismissed. Highlights Income Tax Thu, 12 Dec 2024 08:55:57 +0530 https://www.taxtmi.com/highlights?id=83925