No enhanced cost paid for Transfer of Textile Spinning Unit acquired through Auction Sale of Bank of Baroda: ITAT allows Depreciation [Read Order]

No enhanced cost paid for Transfer of Textile - Spinning Unit acquired through Auction Sale of Bank of Baroda - ITAT allows Depreciation - TAXSCAN

The Income Tax Appellate Tribunal (ITAT), Chennai bench, held that no enhanced cost was paid for the transfer of the textile spinning unit acquired through an auction sale of Bank of Baroda. Therefore, the bench allowed the depreciation. The assessee, Varadaraja Textiles, acquired the textile spinning unit through an auction sale of Bank of Baroda…

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