https://www.taxtmi.com/caselaws?id=181277 The High Court allowed the deduction of Rs. 5,50,000 paid to Ghaziabad Engineering Co. (P.) Ltd., emphasizing the bona fide nature of the agreement despite lack of concrete evidence. Higher rates of depreciation on certain assets were allowed in favor of the Revenue, considering them as 'plant' for depreciation purposes. Additionally, a deduction under section 40A(7) for gratuity liability was permitted, even though the payment was delayed. The Court favored the assessee on the deductibility of expenditure and the gratuity deduction, while ruling in favor of the Revenue on the depreciation issue. en-us Fri, 23 Feb 2007 00:00:00 +0530 Tue, 12 Apr 2016 12:54:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181277 The High Court allowed the deduction of Rs. 5,50,000 paid to Ghaziabad Engineering Co. (P.) Ltd., emphasizing the bona fide nature of the agreement despite lack of concrete evidence. Higher rates of depreciation on certain assets were allowed in favor of the Revenue, considering them as 'plant' for depreciation purposes. Additionally, a deduction under section 40A(7) for gratuity liability was permitted, even though the payment was delayed. The Court favored the assessee on the deductibility of expenditure and the gratuity deduction, while ruling in favor of the Revenue on the depreciation issue. Case-Laws Income Tax Fri, 23 Feb 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181277