Secretion 32 – No condition of put to use once asset falls within a particular block

Indorama Industries Limited Vs ITO (ITAT Delhi) ITAT Delhi held that as per definition of block of assets u/s. 43(6)(c) of the Income Tax Act there is no condition that the plant and machinery must have been put to use for claiming depreciation. Facts- In course of assessment proceedings, the Assessing Officer, while examining assessee’s claim of deprecation, noticed that the assessee has capitalized investment made in plant and machinery in the second half of the year and claimed depreciation thereon. AO was not fully convinced with the details furnished by the assessee. He was of the view ...