https://www.taxtmi.com/caselaws?id=257377 The ITAT upheld the CIT(A)'s decision to allow depreciation on the actual cost of assets, dismissing the Revenue's appeals regarding the disallowance of depreciation for the assessment years 2008-09 and 2009-10. The ITAT found that the AO failed to provide sufficient grounds to disregard the valuation by registered valuers and the actual cost paid by the assessee, supporting the genuineness of the transaction. The CIT(A)'s order was deemed well-reasoned and consistent with the ITAT's previous ruling for the assessment year 2007-08. en-us Fri, 20 Feb 2015 00:00:00 +0530 Fri, 13 Mar 2015 07:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=257377 The ITAT upheld the CIT(A)'s decision to allow depreciation on the actual cost of assets, dismissing the Revenue's appeals regarding the disallowance of depreciation for the assessment years 2008-09 and 2009-10. The ITAT found that the AO failed to provide sufficient grounds to disregard the valuation by registered valuers and the actual cost paid by the assessee, supporting the genuineness of the transaction. The CIT(A)'s order was deemed well-reasoned and consistent with the ITAT's previous ruling for the assessment year 2007-08. Case-Laws Income Tax Fri, 20 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=257377