https://www.taxtmi.com/caselaws?id=58806 The ITAT allowed the assessee's appeal against the CIT(A) order for the assessment year 1985-86. The depreciation disallowance issue regarding gas cylinders was decided in favor of the assessee, as the ITAT found the claim valid based on early acquisition, lease agreement, and formal introduction of assets in the business. The ITAT held that the Department was unjustified in denying depreciation. Additionally, the interest charge issue under section 217(1A) did not stand after allowing depreciation on the cylinders, resulting in the appeal being allowed in favor of the assessee. en-us Mon, 16 Aug 1993 00:00:00 +0530 Wed, 22 Dec 2010 12:44:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58806 The ITAT allowed the assessee's appeal against the CIT(A) order for the assessment year 1985-86. The depreciation disallowance issue regarding gas cylinders was decided in favor of the assessee, as the ITAT found the claim valid based on early acquisition, lease agreement, and formal introduction of assets in the business. The ITAT held that the Department was unjustified in denying depreciation. Additionally, the interest charge issue under section 217(1A) did not stand after allowing depreciation on the cylinders, resulting in the appeal being allowed in favor of the assessee. Case-Laws Income Tax Mon, 16 Aug 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58806