https://www.taxtmi.com/caselaws?id=212680 The High Court of Kerala upheld the decisions of the Tribunal in a case involving the disallowance of excess interest tax and depreciation on leased machinery. The court ruled that the excess interest tax collected by the assessee should be treated as income since there was no evidence of remittance to the fund or the Government. Additionally, the court found discrepancies in the depreciation claims for leased machinery, deeming them as bogus due to non-operational machinery and missing components in pollution control equipment. Consequently, the court dismissed the appeals on both grounds, emphasizing the importance of providing evidence and meeting specific criteria for claiming deductions. en-us Tue, 22 Mar 2011 00:00:00 +0530 Fri, 20 Apr 2012 10:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=212680 The High Court of Kerala upheld the decisions of the Tribunal in a case involving the disallowance of excess interest tax and depreciation on leased machinery. The court ruled that the excess interest tax collected by the assessee should be treated as income since there was no evidence of remittance to the fund or the Government. Additionally, the court found discrepancies in the depreciation claims for leased machinery, deeming them as bogus due to non-operational machinery and missing components in pollution control equipment. Consequently, the court dismissed the appeals on both grounds, emphasizing the importance of providing evidence and meeting specific criteria for claiming deductions. Case-Laws Income Tax Tue, 22 Mar 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=212680