https://www.taxtmi.com/caselaws?id=201615 The High Court upheld the decision of the ITAT in dismissing the income tax appeal. The court found that the department failed to demonstrate that the additions and disallowances had no basis, rejecting the CIT's arguments. The deletion of Rs.3 crore addition to the trading account and the disallowance of Rs.10 lacs claimed as depreciation were both upheld, as the department could not establish a lack of basis for these actions. en-us Fri, 17 Sep 2010 00:00:00 +0530 Thu, 20 Jan 2011 19:58:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=201615 The High Court upheld the decision of the ITAT in dismissing the income tax appeal. The court found that the department failed to demonstrate that the additions and disallowances had no basis, rejecting the CIT's arguments. The deletion of Rs.3 crore addition to the trading account and the disallowance of Rs.10 lacs claimed as depreciation were both upheld, as the department could not establish a lack of basis for these actions. Case-Laws Income Tax Fri, 17 Sep 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=201615