ITAT Hyderabad allows 60% Depreciation on Computer Peripherals

ACIT Vs Owens Corning’s Industries (India) Private Limited (ITAT Hyderabad) The Income Tax Appellate Tribunal (ITAT) in Hyderabad has made a significant ruling in the case of ACIT Vs Owens Corning’s Industries (India) Private Limited. The judgment tackles the complexities surrounding the rate of depreciation on computers and computer peripherals. Background and Parties Involved Before diving into the judgment, it is crucial to understand the entities involved. The appellant is the Assistant Commissioner of Income Tax (ACIT), and the respondent is Owens Corning’s Industries (India...