https://www.taxtmi.com/caselaws?id=215842 The High Court ruled in a tax case that legal and professional charges were disallowed due to insufficient evidence, favoring the revenue. Depreciation was allowed based on precedent, favoring the assessee. The deduction under Section 54EC was permitted despite a delay in purchasing REC Bonds, citing legal maxims and reasonableness, also favoring the assessee. The court emphasized the need to interpret statutory provisions to avoid injustice. The appeal was concluded without costs, with outcomes mixed but mostly favoring the assessee. en-us Fri, 27 Jul 2012 00:00:00 +0530 Mon, 20 Aug 2012 11:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=215842 The High Court ruled in a tax case that legal and professional charges were disallowed due to insufficient evidence, favoring the revenue. Depreciation was allowed based on precedent, favoring the assessee. The deduction under Section 54EC was permitted despite a delay in purchasing REC Bonds, citing legal maxims and reasonableness, also favoring the assessee. The court emphasized the need to interpret statutory provisions to avoid injustice. The appeal was concluded without costs, with outcomes mixed but mostly favoring the assessee. Case-Laws Income Tax Fri, 27 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=215842