The Term ‘Used for the Purposes of Business’ Include Asset Which Kept Ready for Use but Actually not Put to Use: ITAT Allows Depreciation u/s 32 of Income Tax Act [Read Order]

By Fathima Karama A.M - On June 24, 2023 7:30 am - 2 mins read

The Term - Used for - the Purposes – Business - Include - Asset – Which - Kept - Ready for Use - but Actually - not Put – Use - ITAT – Allows - Depreciation - Income Tax Act – TAXSCAN

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has allowed depreciation claims under Section 32 of the Income Tax Act, 1961 holding that the term used for the Purpose of business would include assets which had been kept ready for use but actually had not been put to use. The Assessee,Span Air Pvt. Ltd….

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