Digital Press is a Computer: ITAT Grants 60% Depreciation

Hewlett Packard Financial Services (India) Pvt. Ltd. Vs ACIT (ITAT Mumbai) ITAT Mumbai grants 60% depreciation on HP Indigo Digital Press Printer, deletes 41(1) addition & allows carry-forward of old unabsorbed depreciation Assessee engaged in leasing & financial asset management solutions, appealed against the order of CIT(A), which had sustained multiple disallowances for AY 2011-12. 1. Depreciation on HP Indigo Digital Press Printer @ 60% AO restricted depreciation to 15%, holding that the digital press was an independent machine, not a “computer.” Both AO & CIT(A) treated i...