Depreciation on Fixed Assets Permissible Despite Application of Income Claimed During Purchase Year; No Double Deduction Involved: ITAT [Read Order]

Depreciation - Fixed- Assets- Permissible- Despite - Income -Double- Deduction -ITAT-TAXSCAN

The Income Tax Appellate Tribunal (ITAT), Bangalore bench has held that claiming depreciation on fixed assets is permissible even if the application of income had been previously claimed during the year of purchase. The ITAT emphasised that such a claim does not result in a double deduction and falls within the provisions of Section 11…

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