https://www.taxtmi.com/caselaws?id=765138 The HC upheld the disallowance of depreciation claim on machinery where the purchase was found to be fictitious. The assessee's director had admitted in a statement that machinery invoices were prepared without actual supply for financing purposes. The seller dealt only in textiles, not machinery manufacturing, and no machinery was found during AO's visit. Despite opportunities, the assessee failed to provide records proving actual supply or usage of machinery. The HC rejected the appellant's claim that the statement was obtained by coercion, ruling that no genuine transaction occurred and depreciation cannot be claimed on non-existent assets. en-us Wed, 22 Jan 2025 00:00:00 +0530 Sat, 25 Jan 2025 08:27:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765138 The HC upheld the disallowance of depreciation claim on machinery where the purchase was found to be fictitious. The assessee's director had admitted in a statement that machinery invoices were prepared without actual supply for financing purposes. The seller dealt only in textiles, not machinery manufacturing, and no machinery was found during AO's visit. Despite opportunities, the assessee failed to provide records proving actual supply or usage of machinery. The HC rejected the appellant's claim that the statement was obtained by coercion, ruling that no genuine transaction occurred and depreciation cannot be claimed on non-existent assets. Case-Laws Income Tax Wed, 22 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765138