https://www.taxtmi.com/caselaws?id=235577 The High Court remanded the issue of disallowance of depreciation on tangible assets for fresh consideration based on the valuation report. The Court upheld the deletion of the addition made on account of bogus purchase, noting the lack of incriminating material and adverse findings against the assessee. The Court reserved judgment on the disallowance under Section 35D of the Act and public issue expenses for further consideration. The judgment highlighted the significance of evidence and proper assessment by the authorities involved. en-us Mon, 07 Jan 2013 00:00:00 +0530 Sat, 27 Jul 2013 09:14:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=235577 The High Court remanded the issue of disallowance of depreciation on tangible assets for fresh consideration based on the valuation report. The Court upheld the deletion of the addition made on account of bogus purchase, noting the lack of incriminating material and adverse findings against the assessee. The Court reserved judgment on the disallowance under Section 35D of the Act and public issue expenses for further consideration. The judgment highlighted the significance of evidence and proper assessment by the authorities involved. Case-Laws Income Tax Mon, 07 Jan 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=235577