https://www.taxtmi.com/caselaws?id=66103 Dispute concerns classification of shares, depreciation claims on hire-purchase assets, interest liabilities, and condonation of delay in income-tax appeals. Tribunal condoned a 12-day delay as reasonable. For 198889 the Tribunal held shares treated as investments (not stock-in-trade) and disallowed deduction for diminution in value; interest levied under interest provision was sustained. For 198990 appreciation in share value deleted as irrelevant since shares were investments; deletion of interest under interest provision was set aside in part. For 198990/199091 depreciation on hire-purchase assets was disallowed where accounting change was unproven, while add-back of depreciation under summary adjustment was not sustained where prima facie adjustment was debatable. en-us Thu, 12 Nov 1998 00:00:00 +0530 Mon, 21 Feb 2011 15:13:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66103 Dispute concerns classification of shares, depreciation claims on hire-purchase assets, interest liabilities, and condonation of delay in income-tax appeals. Tribunal condoned a 12-day delay as reasonable. For 198889 the Tribunal held shares treated as investments (not stock-in-trade) and disallowed deduction for diminution in value; interest levied under interest provision was sustained. For 198990 appreciation in share value deleted as irrelevant since shares were investments; deletion of interest under interest provision was set aside in part. For 198990/199091 depreciation on hire-purchase assets was disallowed where accounting change was unproven, while add-back of depreciation under summary adjustment was not sustained where prima facie adjustment was debatable. Case-Laws Income Tax Thu, 12 Nov 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66103