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 decision, affirming that for claiming depreciation under Section 32 of the Income Tax Act, 1961, the asset must be owned and actually used for business purposes. The Court found that the Tribunal had adequately assessed the evidence, concluding that the machinery in question was not idle during the relevant block period. The Court refrained from addressing the broader legal interpretation of 'used' in Section 32, leaving that question open for future consideration.