https://www.taxtmi.com/caselaws?id=241275 The Tribunal ruled in favor of the assessee in a tax dispute case. The disallowance of accelerated depreciation under Rule 5(2) of the IT Rules, 1962 was overturned as the assessee provided adequate evidence. Additionally, expenses on new items were considered revenue in nature, not capital, based on previous Tribunal decisions. The acquisition of new assets for replacement was classified as current repairs, not capital expenditures. The Tribunal dismissed the Revenue's appeal, and the assessee's appeal was withdrawn, with the Tribunal deciding in favor of the assessee on all issues raised. en-us Fri, 23 Aug 2013 00:00:00 +0530 Fri, 20 Dec 2013 05:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=241275 The Tribunal ruled in favor of the assessee in a tax dispute case. The disallowance of accelerated depreciation under Rule 5(2) of the IT Rules, 1962 was overturned as the assessee provided adequate evidence. Additionally, expenses on new items were considered revenue in nature, not capital, based on previous Tribunal decisions. The acquisition of new assets for replacement was classified as current repairs, not capital expenditures. The Tribunal dismissed the Revenue's appeal, and the assessee's appeal was withdrawn, with the Tribunal deciding in favor of the assessee on all issues raised. Case-Laws Income Tax Fri, 23 Aug 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=241275