https://www.taxtmi.com/caselaws?id=268803 The Tribunal allowed the appeal, directing the AO to allow the deduction under Section 80IB as the conversion from a partnership firm to a proprietary concern did not constitute splitting up or reconstruction. The disallowance of interest on unsecured loans was deemed unjustified as the assessment order for the relevant year was pending. Additionally, the disallowance of depreciation on machinery was overturned as the assessee provided sufficient evidence of the machinery purchase. The Tribunal emphasized the importance of considering all evidence and legal provisions in its decision. en-us Tue, 24 Nov 2015 00:00:00 +0530 Wed, 02 Dec 2015 02:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=268803 The Tribunal allowed the appeal, directing the AO to allow the deduction under Section 80IB as the conversion from a partnership firm to a proprietary concern did not constitute splitting up or reconstruction. The disallowance of interest on unsecured loans was deemed unjustified as the assessment order for the relevant year was pending. Additionally, the disallowance of depreciation on machinery was overturned as the assessee provided sufficient evidence of the machinery purchase. The Tribunal emphasized the importance of considering all evidence and legal provisions in its decision. Case-Laws Income Tax Tue, 24 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=268803