https://www.taxtmi.com/caselaws?id=57740 The Appellate Tribunal ITAT Bangalore ruled in favor of the assessee, a private limited company, allowing the claim for depreciation on revalued cost. The dispute arose from the Assessing Officer and CIT(A) disallowing the depreciation claim based on the Income Tax Act. The Tribunal held that the distribution of assets on dissolution did not constitute a transfer, citing various Supreme Court judgments. Therefore, the Tribunal concluded that the revalued cost could be considered for depreciation purposes, and Explanation 3 to section 43(1) was deemed inapplicable. en-us Thu, 14 Nov 1991 00:00:00 +0530 Mon, 13 Dec 2010 12:09:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57740 The Appellate Tribunal ITAT Bangalore ruled in favor of the assessee, a private limited company, allowing the claim for depreciation on revalued cost. The dispute arose from the Assessing Officer and CIT(A) disallowing the depreciation claim based on the Income Tax Act. The Tribunal held that the distribution of assets on dissolution did not constitute a transfer, citing various Supreme Court judgments. Therefore, the Tribunal concluded that the revalued cost could be considered for depreciation purposes, and Explanation 3 to section 43(1) was deemed inapplicable. Case-Laws Income Tax Thu, 14 Nov 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57740