https://www.taxtmi.com/caselaws?id=249965 The Court remitted the issue of depreciation allowance on enhanced value to the successor firm back to the Tribunal for reconsideration, emphasizing the lack of approval before applying Section 43(1). Regarding the calculation of extra shift allowance, the Court favored the revenue, noting the Tribunal's failure to properly analyze the law. The revision of penalty calculation based on two assessments was held in favor of the assessee due to the firm's succession. The confirmation of the order directing two assessments due to the firm's succession was decided against the revenue in favor of the assessee, leading to a ruling in favor of the assessee. en-us Tue, 15 Jul 2014 00:00:00 +0530 Tue, 29 Jul 2014 09:21:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=249965 The Court remitted the issue of depreciation allowance on enhanced value to the successor firm back to the Tribunal for reconsideration, emphasizing the lack of approval before applying Section 43(1). Regarding the calculation of extra shift allowance, the Court favored the revenue, noting the Tribunal's failure to properly analyze the law. The revision of penalty calculation based on two assessments was held in favor of the assessee due to the firm's succession. The confirmation of the order directing two assessments due to the firm's succession was decided against the revenue in favor of the assessee, leading to a ruling in favor of the assessee. Case-Laws Income Tax Tue, 15 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=249965