Dy. Commr. Of Income Tax, Ahmedabad vs N.K. Industries Ltd

The Supreme Court dismissed the Civil Appeal filed by the Department against the Gujarat High Court's order, affirming the Tribunal's finding that the machinery in question was not shown to have remained idle during the block period from 1-4-1988 to 24-2-1999. The Court noted that for claiming depreciation under Section 32 of the Income Tax Act, 1961, the asset must be owned and actually used for business purposes, but it refrained from addressing the broader legal question regarding the interpretation of 'used' in the statute. The Court upheld the Tribunal's factual conclusions without costs.