https://www.taxtmi.com/caselaws?id=216413 The ITAT found in favor of the assessee in a case involving the disallowance of depreciation on LPG cylinders. The ITAT determined that the assessee had indeed purchased the cylinders and was entitled to claim depreciation. The ITAT rejected the CIT(A)'s doubts on the ownership and loaning transactions of the cylinders, concluding that the assessee had provided sufficient evidence to support their claims. As a result, the appeals were allowed, and the AO was directed to grant the depreciation as claimed by the assessee. en-us Fri, 22 Jun 2012 00:00:00 +0530 Mon, 10 Sep 2012 07:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216413 The ITAT found in favor of the assessee in a case involving the disallowance of depreciation on LPG cylinders. The ITAT determined that the assessee had indeed purchased the cylinders and was entitled to claim depreciation. The ITAT rejected the CIT(A)'s doubts on the ownership and loaning transactions of the cylinders, concluding that the assessee had provided sufficient evidence to support their claims. As a result, the appeals were allowed, and the AO was directed to grant the depreciation as claimed by the assessee. Case-Laws Income Tax Fri, 22 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216413