https://www.taxtmi.com/caselaws?id=261074 The Tribunal dismissed the Revenue's appeal on disallowance of interest expenses, as there was a clear nexus between borrowed funds and income earned. The appeal on the valuation of closing work in progress was also dismissed, with the Tribunal upholding the credibility of the structural engineer's certificate. Additionally, the Tribunal upheld the CIT(A)'s decision on the depreciation rate for new commercial vehicles, dismissing the CO's challenge. Overall, both the Revenue's appeal and the CO's challenge were dismissed, with the Tribunal affirming the CIT(A)'s decisions on all issues raised in the case. en-us Fri, 05 Sep 2014 00:00:00 +0530 Wed, 01 Jul 2015 06:49:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=261074 The Tribunal dismissed the Revenue's appeal on disallowance of interest expenses, as there was a clear nexus between borrowed funds and income earned. The appeal on the valuation of closing work in progress was also dismissed, with the Tribunal upholding the credibility of the structural engineer's certificate. Additionally, the Tribunal upheld the CIT(A)'s decision on the depreciation rate for new commercial vehicles, dismissing the CO's challenge. Overall, both the Revenue's appeal and the CO's challenge were dismissed, with the Tribunal affirming the CIT(A)'s decisions on all issues raised in the case. Case-Laws Income Tax Fri, 05 Sep 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=261074