Section 32 not mandate usage of asset by assessee itself for claiming depreciation

Addl. CIT Vs Gillette Diversified Operations Pvt. Ltd. (ITAT Delhi) Section 32 requires that the assessee must use the asset for the ‘purposes of business’. It does not mandate usage of the asset by the assessee itself. As long as the asset is utilized for the purpose of business of the assessee, the requirement of section 32 will stand satisfied, notwithstanding non-usage of the asset itself by the assessee. FULL TEXT OF THE ITAT JUDGEMENT This appeal is preferred by the Department against order passed by the Learned Commissioner of Income Tax (Appeals)-35, New Delhi {CIT(A)} for ...