https://www.taxtmi.com/caselaws?id=210627 The tribunal found in favor of the assessee, ruling that the Assessing Officer had correctly allowed 40% depreciation on the aircraft in question, rejecting the Commissioner of Income Tax's claim under Section 263 of the Income-tax Act. The tribunal disagreed with the CIT's interpretations and assumptions, supporting the assessee's evidence and eligibility for higher depreciation. Additionally, the tribunal directed reconsideration of disallowances under Sections 14A and 40A(2)(b) by the Assessing Officer, while upholding the deletion of disallowances under Section 40A(3) based on exceptions in Rule 6DD(k). en-us Fri, 26 Aug 2011 00:00:00 +0530 Mon, 08 Jul 2013 09:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=210627 The tribunal found in favor of the assessee, ruling that the Assessing Officer had correctly allowed 40% depreciation on the aircraft in question, rejecting the Commissioner of Income Tax's claim under Section 263 of the Income-tax Act. The tribunal disagreed with the CIT's interpretations and assumptions, supporting the assessee's evidence and eligibility for higher depreciation. Additionally, the tribunal directed reconsideration of disallowances under Sections 14A and 40A(2)(b) by the Assessing Officer, while upholding the deletion of disallowances under Section 40A(3) based on exceptions in Rule 6DD(k). Case-Laws Income Tax Fri, 26 Aug 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=210627