https://www.taxtmi.com/caselaws?id=55764 The Tribunal ruled in favor of the revenue, holding that initial depreciation under section 32(1)(iv) of the Income-tax Act, 1961 is limited to businesses and does not extend to professions. The decision emphasized the necessity of meeting the statutory conditions for claiming initial depreciation and clarified the distinction between 'business' and 'profession' under the relevant provisions of the Act. The allowance of deduction under section 32(1)(iv) was reversed, following the finding that the term 'business' does not encompass 'profession' for the purpose of initial depreciation. en-us Fri, 04 Jul 1986 00:00:00 +0530 Mon, 29 Nov 2010 18:44:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55764 The Tribunal ruled in favor of the revenue, holding that initial depreciation under section 32(1)(iv) of the Income-tax Act, 1961 is limited to businesses and does not extend to professions. The decision emphasized the necessity of meeting the statutory conditions for claiming initial depreciation and clarified the distinction between 'business' and 'profession' under the relevant provisions of the Act. The allowance of deduction under section 32(1)(iv) was reversed, following the finding that the term 'business' does not encompass 'profession' for the purpose of initial depreciation. Case-Laws Income Tax Fri, 04 Jul 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55764