M/S. G.K. CHOKSI & CO. vs COMMNR. OF INCOME TAX, GUJARAT

The Supreme Court upheld the High Court's decision confirming the Income Tax Appellate Tribunal's ruling that the appellant, a Chartered Accountant's firm, was not entitled to initial depreciation under Section 32(1)(iv) of the Income Tax Act, 1961. The Court clarified that Section 32(1)(iv) applies to businesses and does not extend to professional firms. The ruling distinguished the case from Barendra Prasad Ray v. Income Tax Officer, asserting that the latter's applicability was limited to its specific facts.