ITAT Kolkata Upholds 30% Depreciation on Moulds Used by Vendors

DCIT Vs Philips India Limited (ITAT Kolkata) Income Tax Appellate Tribunal (ITAT) Kolkata bench has dismissed appeals filed by the Deputy Commissioner of Income Tax (DCIT) against Philips India Limited, affirming the assessee’s entitlement to claim 30% depreciation on moulds. These moulds, owned by Philips India, were utilized by third-party vendors for manufacturing plastic and rubber products exclusively for the company. The ruling, consistent across Assessment Years (AYs) 2012-13, 2013-14, and 2015-16, reinforces the principle that ownership and use for the assessee’s business p...