https://www.taxtmi.com/caselaws?id=247880 Broken period interest paid on purchase of securities was treated as allowable revenue expenditure, following the assessee's own prior-year decision, and the disallowance was deleted. Depreciation on leased assets was also allowed on the settled principle that a genuine lessor may be regarded as owner for section 32 purposes when the assets are used in business. However, where the Rajendra Steels disallowance rested solely on a search statement, the Tribunal required cross-examination of the adverse material and remitted that limited issue for reconsideration. en-us Fri, 02 May 2014 00:00:00 +0530 Thu, 22 May 2014 16:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=247880 Broken period interest paid on purchase of securities was treated as allowable revenue expenditure, following the assessee's own prior-year decision, and the disallowance was deleted. Depreciation on leased assets was also allowed on the settled principle that a genuine lessor may be regarded as owner for section 32 purposes when the assets are used in business. However, where the Rajendra Steels disallowance rested solely on a search statement, the Tribunal required cross-examination of the adverse material and remitted that limited issue for reconsideration. Case-Laws Income Tax Fri, 02 May 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=247880