https://www.taxtmi.com/caselaws?id=248310 The appeals filed by the Revenue and the Cross Objection by the assessee were dismissed. The Tribunal upheld the decisions of the First Appellate Authority on all issues, including allowing depreciation on acquiring participating interest, expenditure on evaluating business opportunities, risk insurance premium, taxability of advances for gas sale, and depreciation on UPS at 60%. The Tribunal confirmed that the expenses were legitimate and necessary for business purposes, in line with previous decisions and statutory provisions. en-us Wed, 21 May 2014 00:00:00 +0530 Wed, 07 Sep 2022 10:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=248310 The appeals filed by the Revenue and the Cross Objection by the assessee were dismissed. The Tribunal upheld the decisions of the First Appellate Authority on all issues, including allowing depreciation on acquiring participating interest, expenditure on evaluating business opportunities, risk insurance premium, taxability of advances for gas sale, and depreciation on UPS at 60%. The Tribunal confirmed that the expenses were legitimate and necessary for business purposes, in line with previous decisions and statutory provisions. Case-Laws Income Tax Wed, 21 May 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=248310