https://www.taxtmi.com/caselaws?id=335024 The Tribunal upheld the validity of the assessment order, denied the exemption under Section 11, and disallowed expenses and depreciation. However, it ruled in favor of the assessee on key issues, finding the denial of exemption under Section 11, application of Section 13(1)(c), classification of income as business income, disallowance of depreciation, and expenses unjustified. The Tribunal emphasized the importance of concrete evidence and proper verification in such determinations. Interest charged under Sections 234A, 234B, 234C, and 234D was also deemed incorrect and subject to recalculation based on the revised assessment. en-us Fri, 12 Aug 2016 00:00:00 +0530 Sat, 26 Nov 2016 11:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=335024 The Tribunal upheld the validity of the assessment order, denied the exemption under Section 11, and disallowed expenses and depreciation. However, it ruled in favor of the assessee on key issues, finding the denial of exemption under Section 11, application of Section 13(1)(c), classification of income as business income, disallowance of depreciation, and expenses unjustified. The Tribunal emphasized the importance of concrete evidence and proper verification in such determinations. Interest charged under Sections 234A, 234B, 234C, and 234D was also deemed incorrect and subject to recalculation based on the revised assessment. Case-Laws Income Tax Fri, 12 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=335024