https://www.taxtmi.com/caselaws?id=169881 The ITAT upheld the ld CIT(A)'s decisions on both issues, ruling in favor of the assessee and dismissing the revenue's appeal in its entirety. The disallowance of depreciation claimed on leased plant and machinery was deleted, with the tribunal confirming the assessee's entitlement to claim depreciation on leased assets. Additionally, the restriction of adding expenses not essential for the business was overturned, with the tribunal affirming the ld CIT(A)'s decision to allow the expenses, based on past precedents and statutory obligations. en-us Fri, 04 Apr 2014 00:00:00 +0530 Mon, 07 Apr 2014 15:22:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=169881 The ITAT upheld the ld CIT(A)'s decisions on both issues, ruling in favor of the assessee and dismissing the revenue's appeal in its entirety. The disallowance of depreciation claimed on leased plant and machinery was deleted, with the tribunal confirming the assessee's entitlement to claim depreciation on leased assets. Additionally, the restriction of adding expenses not essential for the business was overturned, with the tribunal affirming the ld CIT(A)'s decision to allow the expenses, based on past precedents and statutory obligations. Case-Laws Income Tax Fri, 04 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=169881