2016-TIOL-INSTANT-ALL-264
07 January 2016   

Legal Wrangle - Episode 35 (Corporate Law) 

Legal Wrangle - Episode 35 (Corporate Law) 

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CASE LAW

2016-TIOL-50-HC-DEL-IT

CIT Vs DHARAMPAL SATYAPAL: DELHI HIGH COURT (Dated: January 06, 2016)

Whether deduction on allowance of depreciation is available to an Assessee at its option and the Assessee cannot be compelled to claim the same - YES: HC

Whether when Assessee has not claimed the depreciation for the year then it is unable to mitigate its tax liability and it is not possible to grant any relief to the Assessee - YES: HC

Whether there is any direct co-relation between the depreciation on a block of assets and the individual assets comprising the block of assets - NO: HC

Whether sale proceeds of assets sold would have to be reduced from written down value of remaining block of assets and sale of assets would not result in any capital gains as even after such reduction, the value of block of assets was positive - YES: HC

Revenue's appeal allowed

  

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