https://www.taxtmi.com/caselaws?id=181308 The Tribunal upheld the validity of reopening the assessment under section 147 of the Act due to excessive depreciation claimed on ATMs and UPS. The reassessment order was deemed valid as the issue was not examined during the original assessment. The Tribunal allowed higher depreciation at 60% on ATMs and UPS, upheld deductions under section 36(1)(viia), allowed set-off of unabsorbed depreciation losses, directed verification for bad debts deduction, allowed broken period interest claim, disallowed provisions for market risk, directed specific disallowance under Rule 8D, exempted from book profits under section 115JB, included foreign branch income, allowed depreciation on securities, taxed interest on securities on a due basis, treated losses on forward contracts as business losses, and allowed provision for wage arrears. en-us Mon, 30 Nov 2015 00:00:00 +0530 Wed, 13 Apr 2016 10:03:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181308 The Tribunal upheld the validity of reopening the assessment under section 147 of the Act due to excessive depreciation claimed on ATMs and UPS. The reassessment order was deemed valid as the issue was not examined during the original assessment. The Tribunal allowed higher depreciation at 60% on ATMs and UPS, upheld deductions under section 36(1)(viia), allowed set-off of unabsorbed depreciation losses, directed verification for bad debts deduction, allowed broken period interest claim, disallowed provisions for market risk, directed specific disallowance under Rule 8D, exempted from book profits under section 115JB, included foreign branch income, allowed depreciation on securities, taxed interest on securities on a due basis, treated losses on forward contracts as business losses, and allowed provision for wage arrears. Case-Laws Income Tax Mon, 30 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181308