Depreciation allowable if Factory not run due to stay order by court

PCIT Vs Babul Products (P.) Ltd. (High Court Gujarat) Considering the fact that the assessee was in business however could not run the factory in the year under consideration because of the stay order granted by the Court and even otherwise, the business of the assessee was continued, and therefore, the learned Tribunal allowed the claim of the assessee of depreciation under Section 32 of the Income Tax Act by observing that it cannot be said that the assessee stopped /closed the business, we are in complete agreement with the view taken by the learned Tribunal. FULL TEXT OF THE HIGH COURT ORD...