Merely claiming of lessor 100% Depreciation on Asset can’t make the asset as ‘previously used’ to disqualify the asset from claiming Deduction: Madras HC

The Madras High Court held that, hiring of machineries from sister concern would not amount to transfer to a new business. The assessee-company, Sundaram Non-Conventional Energy Systems Limited is engaged in the business of generation and distribution of electricity and for the assessment years under consideration, they filed their return of income and claimed deduction […]
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