https://www.taxtmi.com/caselaws?id=270116 The High Court upheld the Tribunal's decisions in dismissing the addition made under Section 41(1) of the Income Tax Act for unclaimed 'stale drafts and pay orders', ruling that the amount did not constitute taxable profit. Additionally, the Court affirmed the assessee's right to claim depreciation on investments in government securities "held to maturity" based on consistent accounting practices, supported by Supreme Court precedents. The appeals were dismissed without costs. en-us Mon, 14 Dec 2015 00:00:00 +0530 Tue, 29 Dec 2015 01:49:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=270116 The High Court upheld the Tribunal's decisions in dismissing the addition made under Section 41(1) of the Income Tax Act for unclaimed 'stale drafts and pay orders', ruling that the amount did not constitute taxable profit. Additionally, the Court affirmed the assessee's right to claim depreciation on investments in government securities "held to maturity" based on consistent accounting practices, supported by Supreme Court precedents. The appeals were dismissed without costs. Case-Laws Income Tax Mon, 14 Dec 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=270116