https://www.taxtmi.com/caselaws?id=773218 The HC upheld ITAT's decision allowing depreciation on beverages division assets despite non-commencement of commercial production due to public agitation beyond assessee's control. The court held that machinery kept ready for use qualifies for depreciation under section 32, even if unused due to unavoidable circumstances. The HC also allowed expenditure claims for cane price differences, finding the revenue's denial based on conjecture without evidence. Additionally, payments treated as "goodwill" for uninterrupted sugarcane supply were allowed as business expenditure. The book profit computation under section 115JB was decided favorably for the assessee following these determinations. en-us Thu, 12 Jun 2025 00:00:00 +0530 Thu, 19 Jun 2025 08:29:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=773218 The HC upheld ITAT's decision allowing depreciation on beverages division assets despite non-commencement of commercial production due to public agitation beyond assessee's control. The court held that machinery kept ready for use qualifies for depreciation under section 32, even if unused due to unavoidable circumstances. The HC also allowed expenditure claims for cane price differences, finding the revenue's denial based on conjecture without evidence. Additionally, payments treated as "goodwill" for uninterrupted sugarcane supply were allowed as business expenditure. The book profit computation under section 115JB was decided favorably for the assessee following these determinations. Case-Laws Income Tax Thu, 12 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=773218