https://www.taxtmi.com/caselaws?id=180503 Where income was estimated after rejection of unreliable accounts, the taxpayer still had to prove that borrowed funds on which interest was claimed were actually used for business, so the interest disallowance was sustained. On depreciation, diesel engines fitted to motor vehicles in replacement of existing engines were treated as machinery within the statutory definition of plant; fitting them to buses satisfied the installation requirement, so extra depreciation was admissible. The material therefore supports a mixed result, with the interest claim rejected and the depreciation claim accepted. en-us Mon, 16 Nov 1959 00:00:00 +0530 Mon, 28 Mar 2016 09:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180503 Where income was estimated after rejection of unreliable accounts, the taxpayer still had to prove that borrowed funds on which interest was claimed were actually used for business, so the interest disallowance was sustained. On depreciation, diesel engines fitted to motor vehicles in replacement of existing engines were treated as machinery within the statutory definition of plant; fitting them to buses satisfied the installation requirement, so extra depreciation was admissible. The material therefore supports a mixed result, with the interest claim rejected and the depreciation claim accepted. Case-Laws Income Tax Mon, 16 Nov 1959 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180503