https://www.taxtmi.com/caselaws?id=180702 The Tribunal ruled in favor of the assessee in both appeals. In the first issue, it held that the disallowed additional interest amount was unjustified as borrowing and lending transactions were independent, with reasonable interest rates. The second issue saw the Tribunal allowing depreciation on vehicles not registered in the company's name but used for business, and upholding the deletion of interest disallowance on advances for vehicle purchase made to Directors. The appeals by the assessee were allowed, while those by the Department were dismissed. en-us Thu, 15 Nov 1979 00:00:00 +0530 Thu, 31 Mar 2016 16:24:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180702 The Tribunal ruled in favor of the assessee in both appeals. In the first issue, it held that the disallowed additional interest amount was unjustified as borrowing and lending transactions were independent, with reasonable interest rates. The second issue saw the Tribunal allowing depreciation on vehicles not registered in the company's name but used for business, and upholding the deletion of interest disallowance on advances for vehicle purchase made to Directors. The appeals by the assessee were allowed, while those by the Department were dismissed. Case-Laws Income Tax Thu, 15 Nov 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180702