https://www.taxtmi.com/caselaws?id=118153 The ITAT ruled in favor of the assessee, allowing the appeals. On the first issue, the Tribunal held that the disallowance of interest expenditure and depository/custodial charges under Section 14A was not justified, as the expenses were not incurred solely for earning exempt dividend income. On the second issue, the Tribunal allowed the claim for depreciation on the aircraft addition, as the asset was considered used for business purposes when leased, fulfilling Section 32 requirements. The Tribunal emphasized that the asset's use should be viewed from the lessor's perspective, thus permitting the depreciation claim. en-us Sat, 01 Jul 2006 00:00:00 +0530 Tue, 16 Apr 2024 13:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=118153 The ITAT ruled in favor of the assessee, allowing the appeals. On the first issue, the Tribunal held that the disallowance of interest expenditure and depository/custodial charges under Section 14A was not justified, as the expenses were not incurred solely for earning exempt dividend income. On the second issue, the Tribunal allowed the claim for depreciation on the aircraft addition, as the asset was considered used for business purposes when leased, fulfilling Section 32 requirements. The Tribunal emphasized that the asset's use should be viewed from the lessor's perspective, thus permitting the depreciation claim. Case-Laws Income Tax Sat, 01 Jul 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=118153