ITAT Disallows Depreciation due to lack of Machinery Installation Proof

ACIT Vs Mithra Kyokuto Special Purpose Vehicles Company Pvt Ltd (ITAT Visakhapatnam) The Visakhapatnam ITAT disallowed the depreciation claim due to insufficient evidence for machinery installation: The Visakhapatnam ITAT disallowed the assessee's depreciation claim of ₹2.66 crore, finding insufficient evidence of machinery installation during the assessment year. The assessee, engaged in manufacturing tippers and concrete mixers, included raw material costs in capital work-in-progress without capitalizing the machinery, indicating non- operational status. The AO also disallowed 20%...