https://www.taxtmi.com/caselaws?id=58582 The tribunal allowed the appeal in favor of the assessee, determining that ship models could be classified as 'furniture' for depreciation purposes under section 32 of the Income-tax Act, 1961. The tribunal held that the ship models, displayed in the office as business-related showpieces, were directly connected to the business, symbolizing its nature and having commercial use. Consequently, the claim for depreciation on the ship models as 'furniture' was accepted, overturning the lower authorities' decisions and directing the Income Tax Officer to allow depreciation on the ship models used for furnishing the office premises. en-us Wed, 06 Feb 1985 00:00:00 +0530 Mon, 20 Dec 2010 17:13:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58582 The tribunal allowed the appeal in favor of the assessee, determining that ship models could be classified as 'furniture' for depreciation purposes under section 32 of the Income-tax Act, 1961. The tribunal held that the ship models, displayed in the office as business-related showpieces, were directly connected to the business, symbolizing its nature and having commercial use. Consequently, the claim for depreciation on the ship models as 'furniture' was accepted, overturning the lower authorities' decisions and directing the Income Tax Officer to allow depreciation on the ship models used for furnishing the office premises. Case-Laws Income Tax Wed, 06 Feb 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58582