https://www.taxtmi.com/caselaws?id=244474 The Tribunal allowed the appeal, permitting the business loss claim of Rs.23,82,956 and directing the allowance of necessary expenses and depreciation on plant and machinery. This decision was based on the assessee's intent to continue business activities and past practices, despite no business activity during the year due to financial constraints. The Tribunal emphasized the importance of intention to conduct business for claiming expenses and depreciation, setting aside lower authorities' disallowances and instructing the Assessing Officer to determine final depreciation amounts in accordance with relevant provisions. en-us Fri, 14 Feb 2014 00:00:00 +0530 Thu, 27 Feb 2014 08:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=244474 The Tribunal allowed the appeal, permitting the business loss claim of Rs.23,82,956 and directing the allowance of necessary expenses and depreciation on plant and machinery. This decision was based on the assessee's intent to continue business activities and past practices, despite no business activity during the year due to financial constraints. The Tribunal emphasized the importance of intention to conduct business for claiming expenses and depreciation, setting aside lower authorities' disallowances and instructing the Assessing Officer to determine final depreciation amounts in accordance with relevant provisions. Case-Laws Income Tax Fri, 14 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=244474