Depreciation u/s 32 not available in absence of any business activity

Arrow Manpower Services (P) Ltd. Vs ACIT (ITAT Delhi)

ITAT Delhi held that depreciation under section 32 of the Income Tax Act not available as the assessee is not carrying on any business activity.

Facts- The assessee filed its return of income for the AY 2013-14 on 02.12.2014 declaring the total income at Rs.1,48,380/-. The assessee pleaded before AO that it is carrying on business activity. But, no evidence whatsoever was furnished by the assessee before AO to justify t

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