https://www.taxtmi.com/caselaws?id=243371 The court ruled in favor of the assessee on issues related to estimating expenditure for exemption under Section 10(33) and on the deduction for depreciation on CANSTAR units as business expenditure. The court found the loss incurred on purchasing CANSTAR units as commercial expediency allowable under Section 37(1) of the Income Tax Act. However, the court upheld the restriction of allowance under Section 36(1)(viia) against the assessee. The court partially allowed the appeals, remanding the matter for proper assessment and directing the Assessing Authority to reconsider calculations while each party bears its own costs. en-us Tue, 12 Nov 2013 00:00:00 +0530 Fri, 31 Jan 2014 13:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=243371 The court ruled in favor of the assessee on issues related to estimating expenditure for exemption under Section 10(33) and on the deduction for depreciation on CANSTAR units as business expenditure. The court found the loss incurred on purchasing CANSTAR units as commercial expediency allowable under Section 37(1) of the Income Tax Act. However, the court upheld the restriction of allowance under Section 36(1)(viia) against the assessee. The court partially allowed the appeals, remanding the matter for proper assessment and directing the Assessing Authority to reconsider calculations while each party bears its own costs. Case-Laws Income Tax Tue, 12 Nov 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=243371