UPS Express P. Ltd. v. Asst. CIT (2025) 129 ITR 381 (Mum.)(Trib.)

S. 32: Depreciation-Assets acquired from associated enterprise-Depreciation allowed in earlier years-Depreciation cannot be denied in subsequent year.

The assessee claimed depreciation on assets purchased from its associated enterprises. The Tribunal held that once the assets formed part of the block of assets and depreciation had been allowed in the earlier years, the claim could not be denied in the subsequent year. (AY. 2010-11).

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