Set Back to Toyota Kirloskar: ITAT rejects Depreciation on provisional basis [Read Order]

Toyota Kirloskar - ITAT - Set Back to Toyota Kirloskar - Income Tax - ITAT rejects Depreciation - Depreciation - Depreciation on provisional basis - taxscan

The Income Tax Appellate Tribunal (ITAT), Bangalore Bench comprising Beena Pillai, Judicial Member and Laxmi Prasad Sahu, Accountant Member, in a major set back to M/s. Toyota Kirloskar Motor (P) Ltd, rejected the depreciation claim on provisional basis. The assessee had capitalized some capital assets on provisions basis, the assets were acquired. Subsequently, in the…

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