Non-deduction of tax on purchase of asset doesn’t deprive right to claim dep.: High Court

INCOME TAX : Section 40(a)(i) and (ia) provides for disallowance only in respect of expenditure, which is revenue in nature and therefore, provision does not apply to a case of assessee whose claim is for depreciation, which is not in nature of expenditure but an allowance. Depreciation is not an outgoing expenditure and, therefore, provisions of section 40(a)(i) and (ia) are not applicable

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000197570/non-deduction-of-tax-on-purchase-of-asset-doesn’t-deprive-right-to-claim-dep-high-court.aspx