2016 (5) TMI 1225

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....n application for dismissal of appeal. Learned Counsel for the respondent has submitted that on 18.11.2014, this Court has admitted the appeal for final hearing on the following substantial questions of law, which are covered by the dictum of this Court in the case of Commissioner of Income Tax V/s. Premier Industries (India) Ltd. reported in (2010) 323 ITR 672 (MP). Substantial questions No.1 ....

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.... brought for a particular purpose connected with the activities of the assessee and the same has not been discarded and is kept ready for use, the assessee becomes entitled to depreciation in accordance with the provisions of the Act. In support of this submission, learned senior counsel has brought to our notice a decision of the Tribunal in Speed Automobiles P. Ltd. v. Asst. CIT (2004) 32 ITC 53....

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....Tetrapack machine of the assessee. Since keeping the machine in readiness is a finding of fact, we have to proceed on the assumption that the Tetrapack machine of the assessee was kept in readiness for use. In these circumstances, it would be deemed to have been used within the meaning of expression contained in section 32 ibid. The questions of law hereinabove stated are thus, answered a....