https://www.taxtmi.com/caselaws?id=61424 The Appellate Tribunal ITAT Chandigarh upheld the allowance of depreciation on both new and old bottles, rejecting the Department's contention that empty bottles should not be considered 'plant' eligible for depreciation. Additionally, the Tribunal ruled in favor of the assessee regarding the treatment of security deposits, determining that they should not be categorized as trading receipts but rather as akin to borrowed money. The Tribunal distinguished the case from a Supreme Court decision cited by the Department, emphasizing that the security deposits were obtained to ensure the return of empty bottles and did not constitute trading receipts. en-us Tue, 07 Mar 1989 00:00:00 +0530 Wed, 12 Jan 2011 15:53:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61424 The Appellate Tribunal ITAT Chandigarh upheld the allowance of depreciation on both new and old bottles, rejecting the Department's contention that empty bottles should not be considered 'plant' eligible for depreciation. Additionally, the Tribunal ruled in favor of the assessee regarding the treatment of security deposits, determining that they should not be categorized as trading receipts but rather as akin to borrowed money. The Tribunal distinguished the case from a Supreme Court decision cited by the Department, emphasizing that the security deposits were obtained to ensure the return of empty bottles and did not constitute trading receipts. Case-Laws Income Tax Tue, 07 Mar 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61424