Depreciation under Block of Assets Allowed even for Non Used Assets during the Year

Bharat Mines and Mineral Vs ACIT (ITAT Bangalore) The issue under consideration is whether under block of assets, the depreciation allowed even for those assets which have not been used during the year under consideration? ITAT states that the existence of individual asset in block of assets itself amounts to use for the purpose of business. The Tribunal also held that ‘used for the purpose of business’ as provided in section 32(1) of IT Act for the concept of depreciation on block of assets can be summarized by saying that use of individual asset for the purpose of business can be examine...