Depreciation u/s 32 allowable only when asset is put to use for business purpose

LTIMindtree Limited Vs DCIT (ITAT Bangalore)

ITAT Bangalore held that depreciation under section 32 of the Income Tax Act is allowable only when the asset is put to use for the business purpose. Notably, the onus is on the assessee to prove that the assets are put to use for the business purposes only.

Facts- During the course of assessment proceedings, the Assessing Officer observed that the assessee has acquired new assets of Rs. 4,22,01,852/- during the previous year an

Please become a Premium member. If you are already a Premium member, login here to access the full content.