https://www.taxtmi.com/caselaws?id=325057 The Tribunal dismissed the appeal, upholding the disallowances of interest on borrowed capital and depreciation claimed on residential flats. The delay in filing the appeal was condoned due to reasons beyond the assessee's control, as accepted by the Tribunal based on sufficient cause. The disallowance of interest was upheld because the property was neither self-occupied nor offered for reasonable rent, failing to meet statutory conditions for deduction. Similarly, depreciation on residential flats was disallowed as they were not utilized for business purposes, leading to an addition to the total income. en-us Wed, 27 Jan 2016 00:00:00 +0530 Wed, 09 Mar 2016 11:25:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=325057 The Tribunal dismissed the appeal, upholding the disallowances of interest on borrowed capital and depreciation claimed on residential flats. The delay in filing the appeal was condoned due to reasons beyond the assessee's control, as accepted by the Tribunal based on sufficient cause. The disallowance of interest was upheld because the property was neither self-occupied nor offered for reasonable rent, failing to meet statutory conditions for deduction. Similarly, depreciation on residential flats was disallowed as they were not utilized for business purposes, leading to an addition to the total income. Case-Laws Income Tax Wed, 27 Jan 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=325057