Depreciation on Weaving Looms Allowed as same was ready for use

Chhatariya Firetech Industries Vs JCIT (ITAT Ahmedabad) The issue under consideration is whether the depreciation on purchase of New Weaving Looms allowed in case of assessee? ITAT states that, new Weaving Looms were installed and put to use before the end of the financial year as pointed out before the lower authorities. Consequently, it was claimed that Revenue authorities were not justified and denying the depreciation on the new Looms installed. ITAT find that it is an admitted position that the assessee has purchased new Weaving Looms as per invoice dated 21.12.2009 from M/s. Annpurna Eng...