https://www.taxtmi.com/caselaws?id=121663 The appeal by the assessee was partly allowed, and the appeal by the revenue was dismissed. The Tribunal provided detailed directions on each issue, ensuring proper application of legal principles and verification of facts. The Tribunal found that the company fell within exceptions to Section 79 of the Income-tax Act, directed the allowance of depreciation on capitalized renovation expenses, prevented double taxation on equipment lease rent, upheld the disallowance of post-cessation business expenses, set aside the addition under Section 41(1) regarding relinquishment of liabilities for fresh adjudication, rejected the addition under Section 41(1) for waiver of loans, allowed the set-off of short-term capital loss against other income, and upheld the adoption of sale consideration for computing capital loss. en-us Tue, 30 Dec 2008 00:00:00 +0530 Wed, 01 Aug 2012 13:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=121663 The appeal by the assessee was partly allowed, and the appeal by the revenue was dismissed. The Tribunal provided detailed directions on each issue, ensuring proper application of legal principles and verification of facts. The Tribunal found that the company fell within exceptions to Section 79 of the Income-tax Act, directed the allowance of depreciation on capitalized renovation expenses, prevented double taxation on equipment lease rent, upheld the disallowance of post-cessation business expenses, set aside the addition under Section 41(1) regarding relinquishment of liabilities for fresh adjudication, rejected the addition under Section 41(1) for waiver of loans, allowed the set-off of short-term capital loss against other income, and upheld the adoption of sale consideration for computing capital loss. Case-Laws Income Tax Tue, 30 Dec 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=121663