To claim terminal depreciation asset must be used for purpose of business or profession

IN THE ITAT CHENNAI BENCH ‘B’ Deputy Commissioner of Income-tax, Company Circle-V(3) V/s. Rajeswari Foundations Ltd. IT APPEAL NOS. 444 & 445 (MDS.) OF 2011 [ASSESSMENT YEARS 2006-07 & 2007-08] MARCH 16, 2012 ORDER George Mathan, Judicial Member ITA No. 444/Mds./11 is appeal filed by the Revenue against the order of Commissioner of Income Tax(A)-V, Chennai in appeal No. 119/08-09 dated 30.11.10. ITA No. 445/Mds./11 is appeal filed by the Revenue against the order of Commissioner of Income Tax(A)-V, in appeal No. 406/09-10 dated 30.11.10. Shri M.N. Naik, Ld....