Case Law Details
Case Name : CIT Vs. Bharat Alumunium Co. Ltd. (Delhi High Court)
Related Assessment Year :
Courts :
All High Courts Delhi High Court
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The assessee purchased machinery which was not put to use during the year though it formed a part of the “block of assets”. On the question whether depreciation on the said machinery was allowable, the Tribunal held that once a particular asset falls within the block, it is added to the WDV and depreciation is to be allowed on the block.
The individual asset loses its identity and the question whether an individual asset is put to use in a particular year or not is irrelevant inasmuch as the requirement of law is to establish the use of the block of assets and not the use of particular equ...
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Office building costructed in Industrial area for It and It Enabled services have been taken under Building depreciation @ 5% alongwith registered office building used as office cum residence since 2005-06 continuously. Number of scrutiny assessment have been caried out . Now if registered office is sold can the department seperate the Fatory building used as office under 10% . As in this case bolck value under 5% rate will become negative and will be deemed as short term capital gain. Please advise.
thanks and regards