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2019 (2) TMI 1142

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....: ADVS. SRI. E. K. NANDAKUMAR (SR. ) SRI. K. JOHN MATHAI AND SRI. P. BENNY THOMAS JUDGMENT Vinod Chandran, J. The question raised is as to whether after capitalisating the expenses incurred on purchase of tools, can the assessee claim depreciation at 100% in the very same year in which the purchase was made? 2. The Assessing Officer is said to have allowed it, which was sought to be rectifie....

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....he very same year. However, noticing the discrepancy, the assessee had reversed it and written off the entire value in the very same year in which they were rendered useless after use in the manufacturing process. The claim in the return was as a revenue expenditure. 4. The learned counsel also relies on (1990) 182 ITR 493 [Commissioner of Agricultural Income Tax v. Midland Rubber and Produce Co.....