https://www.taxtmi.com/caselaws?id=217222 The Tribunal upheld the disallowance of depreciation on leased assets, considering the lease as a finance transaction. Depreciation on UPS was referred back to the AO for verification. The issue of depreciation on software licenses was also remanded for detailed examination. The treatment of outstanding creditors as income was upheld due to lack of evidence. The disallowance of bad debts written off was sent back to the AO for substantiation. Expenses on commission and brokerage were remanded for further verification. The initiation of penalty proceedings was dismissed as premature. Renovation expenses and software expenses were treated as capital expenditure. Disallowance under Sec. 14A was reversed, and the claim of deduction under Sec. 80G was referred back for verification. Penalty proceedings were remanded for a fresh order. en-us Tue, 31 Jul 2012 00:00:00 +0530 Mon, 08 Oct 2012 22:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=217222 The Tribunal upheld the disallowance of depreciation on leased assets, considering the lease as a finance transaction. Depreciation on UPS was referred back to the AO for verification. The issue of depreciation on software licenses was also remanded for detailed examination. The treatment of outstanding creditors as income was upheld due to lack of evidence. The disallowance of bad debts written off was sent back to the AO for substantiation. Expenses on commission and brokerage were remanded for further verification. The initiation of penalty proceedings was dismissed as premature. Renovation expenses and software expenses were treated as capital expenditure. Disallowance under Sec. 14A was reversed, and the claim of deduction under Sec. 80G was referred back for verification. Penalty proceedings were remanded for a fresh order. Case-Laws Income Tax Tue, 31 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=217222