https://www.taxtmi.com/caselaws?id=213813 The Tribunal upheld the CIT(A)'s decision in allowing higher depreciation on gas cylinders acquired through an MOU, emphasizing the legitimate business transfer under the IT Act. Full depreciation was permitted on assets leased out before the "put to use" deadline. The Tribunal remanded the issue of undisclosed income back to the AO for re-evaluation due to lack of opportunity for rebuttal. Allegations of profit diversion through undercharging rent were dismissed, as no loss was incurred by the associate concern. Vehicle expenses disallowance for personal use was overturned, lacking specific evidence. The claim for bad debts was allowed based on the Supreme Court's clarification on deduction requirements. The Tribunal consistently dismissed Revenue's appeals across assessment years. en-us Fri, 13 Apr 2012 00:00:00 +0530 Thu, 07 Jun 2012 08:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=213813 The Tribunal upheld the CIT(A)'s decision in allowing higher depreciation on gas cylinders acquired through an MOU, emphasizing the legitimate business transfer under the IT Act. Full depreciation was permitted on assets leased out before the "put to use" deadline. The Tribunal remanded the issue of undisclosed income back to the AO for re-evaluation due to lack of opportunity for rebuttal. Allegations of profit diversion through undercharging rent were dismissed, as no loss was incurred by the associate concern. Vehicle expenses disallowance for personal use was overturned, lacking specific evidence. The claim for bad debts was allowed based on the Supreme Court's clarification on deduction requirements. The Tribunal consistently dismissed Revenue's appeals across assessment years. Case-Laws Income Tax Fri, 13 Apr 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=213813