https://www.taxtmi.com/caselaws?id=337534 The Tribunal upheld the CIT(A)'s decision in favor of the assessee, a Non-Banking Financial Company, allowing the deduction for depreciation on investments claimed as business loss. It confirmed the valuation method used by the assessee and dismissed the Revenue's appeal. Additionally, the Tribunal agreed with the assessee regarding the disallowance of expenses related to exempt income under Section 14A, directed verification for TDS credit, and upheld charging interest under Section 234C on the returned income. The judgment emphasized adherence to accounting principles and judicial precedents in determining deductions. en-us Mon, 07 Nov 2016 00:00:00 +0530 Wed, 11 Jan 2017 07:26:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=337534 The Tribunal upheld the CIT(A)'s decision in favor of the assessee, a Non-Banking Financial Company, allowing the deduction for depreciation on investments claimed as business loss. It confirmed the valuation method used by the assessee and dismissed the Revenue's appeal. Additionally, the Tribunal agreed with the assessee regarding the disallowance of expenses related to exempt income under Section 14A, directed verification for TDS credit, and upheld charging interest under Section 234C on the returned income. The judgment emphasized adherence to accounting principles and judicial precedents in determining deductions. Case-Laws Income Tax Mon, 07 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=337534