Assessee’s Income should be Chargeable under Head “Income from Other Sources” for Depreciation Claims: ITAT

The ITAT ruled that an assessee's income should be chargeable under the head "income from other sources" for depreciation claims. This decision clarifies the classification of income for depreciation. It underscores the importance of accurate income categorization. This ruling reflects the tribunal's interpretation of tax laws. It emphasizes the need for clarity in tax assessments. The ruling aims to prevent incorrect tax levies.