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of ITAT allowed the Department's appeal regarding late deposit of employees' PF contributions, following the Supreme Court's Checkmate Services precedent. The Tribunal dismissed Revenue's grounds concerning disallowance of interest on unneeded loans, finding the investment in Ethiopotash B.V. was directly linked to the assessee's business to control raw material supply. ITAT upheld CIT(A)'s findings against rejection of books under s.145(3), determining the AO failed to properly verify submitted information before estimation. The Tribunal allowed full-year depreciation despite partial plant operation, following precedent on the wear and tear concept. ITAT also dismissed Revenue's appeals regarding additions under s.68 for alleged bogus share applications and unsecured loans, as the assessee adequately established identity, creditworthiness, and transaction genuineness.
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