https://www.taxtmi.com/caselaws?id=179461 The Tribunal partially allowed the appeal by the assessee, ruling that the disallowance of depreciation and financial expenses in a block assessment under Chapter XIV-B of the IT Act could not be upheld. The Tribunal found that the machineries were physically present and used for business purposes, dismissing suspicions of fictitious transactions. It was concluded that the disallowance lacked evidence and could not be justified. The Tribunal did not delve into the levy of interest under Section 158BFA(1) in detail, indicating it may not be applicable based on the other findings. The issue of double additions in financial charges for specific assessment years was also deemed moot. en-us Wed, 13 Apr 2011 00:00:00 +0530 Wed, 02 Mar 2016 14:48:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179461 The Tribunal partially allowed the appeal by the assessee, ruling that the disallowance of depreciation and financial expenses in a block assessment under Chapter XIV-B of the IT Act could not be upheld. The Tribunal found that the machineries were physically present and used for business purposes, dismissing suspicions of fictitious transactions. It was concluded that the disallowance lacked evidence and could not be justified. The Tribunal did not delve into the levy of interest under Section 158BFA(1) in detail, indicating it may not be applicable based on the other findings. The issue of double additions in financial charges for specific assessment years was also deemed moot. Case-Laws Income Tax Wed, 13 Apr 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179461