Depreciation on windmills allowable despite negligibly small production of electricity

Advertisement CIT-LTU Vs Lakshmi General Finance Ltd (Merged with Sundaram Finance Limited) (Madras High Court) Whether on the facts and circumstances of the case, the Income Tax Appellate Tribunal was right in holding that the assessee was entitled to claim depreciation on the windmills even though the wind mills had not generated any electricity during the previous year and thus there was no user of the asset for the purpose of the business of generation of power? HC held that even trial production machineries kept ready for use etc., were considered to be used for the purpose of business...