Depreciation Allowable only on Fixed Assets not used for Commercial Purpose: ITAT [Read Order]

Depreciation - Allowable - Fixed - Assets - Commercial - Purpose - ITAT - TAXSCAN

The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) held that depreciation is allowable only on fixed assets not used for commercial purpose. The assessee cannot be considered to cover by the proviso to Section 2(15) of the Income Tax Act, 1961 and cannot withdraw the claim of exemption under Section 11 of the…

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