https://www.taxtmi.com/caselaws?id=188453 The Tribunal allowed the assessee's appeal, ruling in favor of the assessee on both issues. The disallowance of depreciation on waste heat recovery was overturned as the Tribunal found the transaction genuine and not a tax-avoidance scheme. Additionally, the disallowance of interest was reversed as the Tribunal determined the interest paid was for business purposes, noting the reduction in advances and lack of correlation between interest-free advances and interest-bearing loans. en-us Mon, 25 Oct 1999 00:00:00 +0530 Thu, 01 Dec 2016 12:55:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=188453 The Tribunal allowed the assessee's appeal, ruling in favor of the assessee on both issues. The disallowance of depreciation on waste heat recovery was overturned as the Tribunal found the transaction genuine and not a tax-avoidance scheme. Additionally, the disallowance of interest was reversed as the Tribunal determined the interest paid was for business purposes, noting the reduction in advances and lack of correlation between interest-free advances and interest-bearing loans. Case-Laws Income Tax Mon, 25 Oct 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=188453