https://www.taxtmi.com/caselaws?id=266831 The ITAT upheld the Revenue's appeal, ruling against the allowance of short term capital loss on the sale of plant & machinery, stating that the machinery was not integral to the assessee's business activities. The ITAT also confirmed the deletion of interest and finance charges addition, noting the funds were utilized for business purposes. Additionally, the ITAT upheld the CIT(A)'s decision on the disallowance of repair expenses, reducing it to 10%. Overall, the ITAT partly allowed the Revenue's appeal and set aside the CIT(A)'s order on the issues presented. en-us Mon, 31 Aug 2015 00:00:00 +0530 Mon, 26 Oct 2015 11:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=266831 The ITAT upheld the Revenue's appeal, ruling against the allowance of short term capital loss on the sale of plant & machinery, stating that the machinery was not integral to the assessee's business activities. The ITAT also confirmed the deletion of interest and finance charges addition, noting the funds were utilized for business purposes. Additionally, the ITAT upheld the CIT(A)'s decision on the disallowance of repair expenses, reducing it to 10%. Overall, the ITAT partly allowed the Revenue's appeal and set aside the CIT(A)'s order on the issues presented. Case-Laws Income Tax Mon, 31 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=266831