Friday, 11 October 2013

Depreciation allowed on plant, though ready to use, yet couldn't be used due to shortage of material

IT : Where assessee claimed depreciation on plant and Assessing Officer declined depreciation on plea that plant had never been put to use for purposes of business during whole of previous year, since assessee's business was a going concern and plant could not be put to use due to raw material paucity, assessee was entitled to depreciation on plant


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