No Transfer of Asset During year and no Determination of Short Term Capital Gain and Loss: ITAT allows Depreciation [Read Order]

transfer of assetc- short term capital gain -Short term Capital loss - ITAT allows depreciation - taxscan

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has allowed the depreciation as no transfer of asset was taken place during the year under consideration and no determination of short term capital gain and loss was needed. The assessee,Palco Tex Fab Limited,was a limited company engaged in the business of dyeing and printing of…

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