2002 (11) TMI 741 - AT - Income Tax

Summary

The Appellate Tribunal ITAT Gauhati allowed the appeal of the assessee for the assessment year 1993-94 regarding the non-allowance of depreciation on fixed assets amounting to Rs.1,15,035. The Tribunal found that the assessee, who owned a Tea Estate and leased out the machinery, was entitled to claim depreciation as the activity of letting out the assets constituted the business activity of the assessee. The Tribunal referred to relevant legal precedents and directed the Assessing Officer to allow the depreciation claimed by the assessee.