https://www.taxtmi.com/caselaws?id=213215 The High Court partially allowed the Tax Case (Appeal) concerning the allowance of bad debt written off and depreciation on various assets. The Court ruled in favor of the assessee regarding bad debt written off, following a precedent set by the Supreme Court. However, the Court sided with the Revenue on the issue of depreciation, determining rates of 10% for furniture and fittings and 25% for typewriters, diverging from the Tribunal's decision. The Court emphasized the importance of accurate depreciation to reflect business income. No costs were imposed in this decision. en-us Thu, 26 Apr 2012 00:00:00 +0530 Mon, 14 May 2012 10:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=213215 The High Court partially allowed the Tax Case (Appeal) concerning the allowance of bad debt written off and depreciation on various assets. The Court ruled in favor of the assessee regarding bad debt written off, following a precedent set by the Supreme Court. However, the Court sided with the Revenue on the issue of depreciation, determining rates of 10% for furniture and fittings and 25% for typewriters, diverging from the Tribunal's decision. The Court emphasized the importance of accurate depreciation to reflect business income. No costs were imposed in this decision. Case-Laws Income Tax Thu, 26 Apr 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=213215