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Assessee is entitled for depreciation on assets of a closed unit which are part of block of assets
Case Law Details
- Case Name
- Swati Synthetics Ltd. Vs. ITO (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- ITAT Mumbai
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RELEVANT PARAGRAPH
7.12.1 The block concept of deprecation was introduced by the Taxation Laws (Amendment and Miscellaneous Provisions) Act, 1986 with effect from 01-04-1988 .The Board issued a circular (Circular No. 469 dated 23rd September, 1986 reported in 162 ITR statutes page 21). The purpose / object of the scheme of depreciation on block of assets which has been clarified by the Finance Minister in his budget speech which is reproduced from the said circular as under:-
“(iii) New provisions for allowing depreciation in respect of blocks of assets
6.1 In his Budget Speech for the y...
