23 March 2009
1) No 2) No Citation:- CIT Vs. Oriental coal Co ltd (1994) 206 ITR 682 (Cal). In this case factory of the assessee remained under lock-out throughout the previous year and during that period the plant and machinery had not been actually used for the purpose of the business for a single day,depreciation on machinery was not allowable for the relevant previous year.
23 March 2009
Thank You Very Much Sir..But if the assets are used for a single day in a year then what will be the status? and also is there are any further latest Citation available where the decision was in favour of asssessee?
24 March 2009
If you feel that the 'user' test can be applied in the cited situation pl refer 1)Forest Industries Travancore ltd Vs. CIT (1964) 51 ITR 329(Ker). 2)CIT Va Indian Tea & Timber Trading Co (1996)221 ITR 857 (Gauhati). 3) CIR Vs Nahar Exports ltd (2007) 163 Taxmann 518 (P&H).
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