https://www.taxtmi.com/caselaws?id=328884 The Tribunal allowed the appellant's appeal, overturning the disallowance of depreciation under Section 43(1) Explanation-3. The decision was based on the lack of evidence supporting tax avoidance motives and the revenue-neutral nature of asset reclassification for depreciation purposes. The Tribunal emphasized the Assessing Officer's failure to establish the primary purpose of the asset transfer as tax liability reduction, as required by Explanation 3 to Section 43(1). en-us Tue, 14 Jun 2016 00:00:00 +0530 Fri, 17 Jun 2016 09:11:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=328884 The Tribunal allowed the appellant's appeal, overturning the disallowance of depreciation under Section 43(1) Explanation-3. The decision was based on the lack of evidence supporting tax avoidance motives and the revenue-neutral nature of asset reclassification for depreciation purposes. The Tribunal emphasized the Assessing Officer's failure to establish the primary purpose of the asset transfer as tax liability reduction, as required by Explanation 3 to Section 43(1). Case-Laws Income Tax Tue, 14 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=328884