Case Law Details
Case Name : National Thermal Power Corpn. Ltd. Vs Commissioner of Income-tax (Delhi High court)
Related Assessment Year :
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All High Courts Delhi High Court
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HIGH COURT OF DELHI
National Thermal Power Corpn. Ltd.
Versus
Commissioner of Income-tax
IT REFERENCE NOS. 43-44 OF 1998
OCTOBER 15, 2012
ORDER
R.V. Easwar, J. – These are two references under Section 256(2) of the Income Tax Act, 1961 relating to the assessment years 1979-80 and 1980-81. The following common question of law has been referred to us:-
“Whether on the facts and in the circumstances of the case, the assessee is entitled to depreciation in respect of capital construction equipment acquired by the assessee and kept ready for use by the contractor puttin...
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32. (1) 96[In respect of depreciation of—
(i) buildings97, machinery97, plant or furniture, being tangible assets;
(ii) know-how, patents, copyrights, trade marks, licences, franchises or any other business or commercial rights of similar nature, being intangible assets acquired on or after the 1st day of April, 1998,
owned97, wholly or partly, by the assessee97 and used for the purposes of the business97 or profession, the following deductions shall be allowed—]
98[(i) in the case of assets of an undertaking engaged in generation or generation and distribution of power, such percentage on the actual cost thereof to the assessee as may be prescribed99;]
(ii) 1[in the case of any block of assets, such percentage on the written down value thereof as may be prescribed2:]
3[***]
Hence if installed machinery is not put to use once no depreciation can be provided.
In the given case the machinery looks old one used in various projects.