ITAT allows Depreciation claim u/s 80IC for Building, Factory, Furniture and Plant Machinery Blocks [Read Order]

The disallowance of depreciation would only enhance the profit of the assessee
ITAT - ITAT Delhi - Income tax - Income tax news - Depreciation claim - taxscan

The Income Tax Appellate Tribunal ( ITAT ) of Delhi, allowed depreciation claim under Section 80IC of Income Tax Act, 1961, for building, furniture, and plant machinery blocks. The assessee is a resident corporate entity. As stated by the Assessing Officer, the main objects of the assessee are manufacture and distribution of flexible laminates. The…

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