Case Law Details
ACIT Vs Owens Corning’s Industries (India) Private Limited (ITAT Hyderabad)
The Income Tax Appellate Tribunal (ITAT) in Hyderabad has made a significant ruling in the case of ACIT Vs Owens Corning’s Industries (India) Private Limited. The judgment tackles the complexities surrounding the rate of depreciation on computers and computer peripherals.
Background and Parties Involved
Before diving into the judgment, it is crucial to understand the entities involved. The appellant is the Assistant Commissioner of Income Tax (ACIT), and the respondent is Owens Corning’s Industries (India) Private Limited. The core of the disagreement was regarding the rate of depreciation for assets like computers, UPS, Cable Works, and Computer Tables, among others.
Issue: Depreciation Rate for Computers and Peripherals
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