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Dep. couldn't be denied on one asset if it was part of block of assets used for business purposes

June 25, 2019[2019] 108 171 (Mumbai)/[2019] 178 ITD 201 (Mumbai)

INCOME TAX: Where an asset was part of block of assets which were used for business purposes and depreciation was granted on that block during previous year, depreciation could not be denied on ground that one of assets was not used by assessee in year under consideration

INCOME TAX: Where Assessing Officer made adjustment under section 145A in respect of value of closing stock of assessee in earlier years and on basis of same income of assessee was reduced during year under consideration, in view of fact that said adjustment was made in accordance with practice consistently followed by income tax department, revision jurisdiction invoked by Commissioner was unjustified

INCOME TAX: For purpose of claiming deduction of capital expenditure under section 35(1)(iv) read with section 35(2), what was necessary was incurrence of expenditure, which assessee-company had incurred and not use of asset during previous year in which such expenditure was incurred
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