https://www.taxtmi.com/caselaws?id=334509 The Tribunal confirmed that the assessee did not claim depreciation as an application of income in previous years. It also found that the loan money was utilized for acquiring fixed assets and had already been claimed as an application of income. Regarding the repayment of the loan, the Tribunal agreed with the lower authorities that allowing it as an application of income would result in a double deduction. The Tribunal dismissed the appeal, upholding the decision of the Commissioner of Income-tax (Appeals). en-us Fri, 30 Sep 2016 00:00:00 +0530 Tue, 15 Nov 2016 17:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=334509 The Tribunal confirmed that the assessee did not claim depreciation as an application of income in previous years. It also found that the loan money was utilized for acquiring fixed assets and had already been claimed as an application of income. Regarding the repayment of the loan, the Tribunal agreed with the lower authorities that allowing it as an application of income would result in a double deduction. The Tribunal dismissed the appeal, upholding the decision of the Commissioner of Income-tax (Appeals). Case-Laws Income Tax Fri, 30 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=334509