https://www.taxtmi.com/caselaws?id=182979 The appeals filed by the Revenue were partly allowed in some instances and dismissed in others. The CIT (A) decisions were upheld in various matters, including the deletion of penalty paid to RBI, addition of tax-free income from MSTDC Bonds, depreciation on value of investment, deletion of un-reconciled inter-branch entries written off, depreciation on computer peripherals, and higher rate of depreciation on certain assets. The ITAT upheld the CIT (A) decisions in these respects. However, the ITAT reversed the CIT (A) decision regarding interest on income-tax refund, treating capital gains as business income, and disallowance under section 36(1)(vii). The penalty under section 271(1)(c) was deleted by the CIT (A) and upheld by the ITAT. en-us Fri, 27 Apr 2012 00:00:00 +0530 Wed, 25 May 2016 15:40:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=182979 The appeals filed by the Revenue were partly allowed in some instances and dismissed in others. The CIT (A) decisions were upheld in various matters, including the deletion of penalty paid to RBI, addition of tax-free income from MSTDC Bonds, depreciation on value of investment, deletion of un-reconciled inter-branch entries written off, depreciation on computer peripherals, and higher rate of depreciation on certain assets. The ITAT upheld the CIT (A) decisions in these respects. However, the ITAT reversed the CIT (A) decision regarding interest on income-tax refund, treating capital gains as business income, and disallowance under section 36(1)(vii). The penalty under section 271(1)(c) was deleted by the CIT (A) and upheld by the ITAT. Case-Laws Income Tax Fri, 27 Apr 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=182979