2024 (7) TMI 850 - SCH - Income Tax

Depreciation on revalued assets instead of WDV - conversation of firm to a company - depreciation on tangible assets or intangible assets allowable to the predecessor and the successor in the case of succession - As decided by HC 2023 (6) TMI 823 - BOMBAY HIGH COURT assessee as per Section 32 r/w Rule 5 of the Act quoted above, will be entitled to claim depreciation in respect of any assets on the actual cost of the said assets. The actual cost of the said assets will be the actual cost which the assessee paid to the predecessor after revaluing the assets and certainly in our view assessee will be entitled to claim depreciation for the subsequent years on the basis of the actual cost paid. HELD THAT - Delay condoned. We find no error in the impugned order. The Special Leave Petition is accordingly dismissed.

Summary

The Supreme Court dismissed the Special Leave Petition after finding no error in the impugned order. Delay was condoned, and the pending application was disposed of.