ITAT Allows Depreciation for Textile Spinning Unit Acquired via Bank of Baroda Auction

Varadaraja Textiles P Ltd. Vs ACIT (ITAT Chennai)

In the case of Varadaraja Textiles P Ltd. vs. ACIT (ITAT Chennai), the Income Tax Appellate Tribunal (ITAT) has delivered a significant ruling regarding depreciation on a textile spinning unit acquired through an auction sale conducted by the Bank of Baroda.

1. Background: Varadaraja Textiles P Ltd., the assessee, acquired a textile spinning unit, which included land, building, and machinery, through an auction held by the

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