https://www.taxtmi.com/caselaws?id=469230 Statutory depreciation was stated to remain allowable where the asset belonged to the assessee and the claim was otherwise permissible under the Income-tax Act, even if the Revenue objected that no business activity was carried on in the year. The analysis further notes that the Tribunal followed its earlier view in the assessee's own case and held that the treatment of the asset in the books of account does not, by itself, defeat the substantive depreciation claim. The depreciation claim was therefore held allowable and the objection based on absence of business activity was rejected. en-us Mon, 03 Mar 2025 00:00:00 +0530 Wed, 10 Jun 2026 11:33:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=469230 Statutory depreciation was stated to remain allowable where the asset belonged to the assessee and the claim was otherwise permissible under the Income-tax Act, even if the Revenue objected that no business activity was carried on in the year. The analysis further notes that the Tribunal followed its earlier view in the assessee's own case and held that the treatment of the asset in the books of account does not, by itself, defeat the substantive depreciation claim. The depreciation claim was therefore held allowable and the objection based on absence of business activity was rejected. Case-Laws Income Tax Mon, 03 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=469230