https://www.taxtmi.com/caselaws?id=119640 The tribunal ruled on three key issues: 1) It allowed the assessee's appeal regarding depreciation, directing the computation based on the actual cost paid (Rs. 130.52 crore). 2) It upheld the disallowance of the full loss claimed for a construction contract, permitting only a proportionate loss based on the percentage completion method. 3) It reversed the CIT(A)'s decision on gains from canceled forward contracts, instructing the reduction of the received amount from the cost of fixed assets. Both appeals were partly allowed, with specific directions for each issue. en-us Wed, 31 Jan 2007 00:00:00 +0530 Sat, 24 Feb 2024 13:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=119640 The tribunal ruled on three key issues: 1) It allowed the assessee's appeal regarding depreciation, directing the computation based on the actual cost paid (Rs. 130.52 crore). 2) It upheld the disallowance of the full loss claimed for a construction contract, permitting only a proportionate loss based on the percentage completion method. 3) It reversed the CIT(A)'s decision on gains from canceled forward contracts, instructing the reduction of the received amount from the cost of fixed assets. Both appeals were partly allowed, with specific directions for each issue. Case-Laws Income Tax Wed, 31 Jan 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=119640