AO can’t reduce sum waived by seller from WDV of machinery after lapse of several AYs: ITAT

INCOME TAX : Where assessee purchased certain plant and machinery items during year 2003 and thereafter a sum payable to seller (SS) which was waived off by SS in year 2006 but assessee continued to claim depreciation on gross value of block of plant and machinery which included amount waived and depreciation was claimed during all succeeding years from 31-3-2006

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000317127/ao-can’t-reduce-sum-waived-by-seller-from-wdv-of-machinery-after-lapse-of-several-ays-itat.aspx