The Income Tax Appellate Tribunal (ITAT) Delhi bench held that depreciation under Section 32 of the Income Tax Act, 1961 should not be allowed on absence of carrying out business activities. Assessee, Arrow Manpower Services filed its return of income for the AY 2013-14 on 02.12.2014 declaring the total income at Rs.1,48,380/-. During the assessment proceedings…
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