https://www.taxtmi.com/caselaws?id=177975 The Tribunal found that the transactions were not at arm's length and aimed at tax reduction through inflated depreciation claims. It reversed the CIT(A)'s decisions, upholding the Assessing Officer's application of Explanation 3 to section 43(1) of the IT Act. This restricted depreciation claims to the written down value of assets in the books of M&M Ltd. The Revenue's appeals were allowed, indicating that the transactions were structured to evade taxes. en-us Mon, 28 Mar 2005 00:00:00 +0530 Sat, 23 Jan 2016 10:53:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177975 The Tribunal found that the transactions were not at arm's length and aimed at tax reduction through inflated depreciation claims. It reversed the CIT(A)'s decisions, upholding the Assessing Officer's application of Explanation 3 to section 43(1) of the IT Act. This restricted depreciation claims to the written down value of assets in the books of M&M Ltd. The Revenue's appeals were allowed, indicating that the transactions were structured to evade taxes. Case-Laws Income Tax Mon, 28 Mar 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177975