https://www.taxtmi.com/caselaws?id=218144 The ITAT upheld the CIT (A)'s decision in dismissing the Revenue's appeal regarding the disallowance of depreciation on electrical installation and the addition of trading liabilities under section 41(1) of the Act. The ITAT found that the depreciation claimed by the appellant at 25% was appropriate, considering the electrical fittings as part of plant and machinery. Additionally, the ITAT agreed with the CIT (A) that the outstanding trading liabilities should not be treated as ceased income, as the liabilities were still payable according to the appellant's submissions and a precedent set by the Gujarat High Court. en-us Fri, 12 Oct 2012 00:00:00 +0530 Thu, 01 Nov 2012 11:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=218144 The ITAT upheld the CIT (A)'s decision in dismissing the Revenue's appeal regarding the disallowance of depreciation on electrical installation and the addition of trading liabilities under section 41(1) of the Act. The ITAT found that the depreciation claimed by the appellant at 25% was appropriate, considering the electrical fittings as part of plant and machinery. Additionally, the ITAT agreed with the CIT (A) that the outstanding trading liabilities should not be treated as ceased income, as the liabilities were still payable according to the appellant's submissions and a precedent set by the Gujarat High Court. Case-Laws Income Tax Fri, 12 Oct 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=218144