https://www.taxtmi.com/caselaws?id=64667 The Tribunal dismissed the Revenue's appeal, upholding the CIT (A)'s decisions. The assessee firm successfully proved the genuineness of the Rs. 3 lakhs loan raised under Section 68 of the IT Act and was entitled to depreciation on its assets, specifically a cold storage facility purchased in November 1977. The Tribunal found sufficient evidence provided by the assessee to support the legitimacy of the transactions and the operational status of the cold storage, leading to the favorable outcome for the firm. en-us Wed, 27 Apr 1983 00:00:00 +0530 Wed, 09 Feb 2011 12:10:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64667 The Tribunal dismissed the Revenue's appeal, upholding the CIT (A)'s decisions. The assessee firm successfully proved the genuineness of the Rs. 3 lakhs loan raised under Section 68 of the IT Act and was entitled to depreciation on its assets, specifically a cold storage facility purchased in November 1977. The Tribunal found sufficient evidence provided by the assessee to support the legitimacy of the transactions and the operational status of the cold storage, leading to the favorable outcome for the firm. Case-Laws Income Tax Wed, 27 Apr 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64667