Dear All,
Please help me with any case laws for taking the benefit of full depreciation rate u/s 32 of the IT act by installing assets / machines on 02nd october of any Financial year and 3rd october in case of leap Financial year (i.e. f.y. 2012).
Regards
Jitendra Jhanwar
In your case, the period of holding is 181 days, which is more than 180 days. So you can entertain the full depreciation on the machinery. But if there is any problum in regards to "USE" & "put to use", then you can refer the following cases :-
Vishwanath Bhaskar Sathe v. CIT 10 ITC 386 (Bom.)
CIT v. Vindhyachal Distilleries (P.) Ltd. [2005] 147 Taxmann 127 (MP)
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
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