Depreciation on Block of Assets: ITAT directs to allow Depreciation in respect of Closed Units/Non-Functional Undertakings [Read Order]

Block of Assets - ITAT - Depreciation - taxscan

The Kolkata bench of Income Tax Appellate Tribunal (ITAT), has been directed to allow depreciation in respect of closed units and non-functional undertakings since depreciation is claimed on the block of assets. The appellant, M/s. Beeyu Overseas Ltd. is in the business of cultivation and manufacturing of tea, agricultural products, and trading of goods, commodities,…

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