https://www.taxtmi.com/caselaws?id=341903 Additional evidence was admitted under Rule 29 because it was crucial to the depreciation dispute and the assessee showed reasonable cause for not producing it earlier. The depreciation disallowance on additions to fixed assets was therefore remanded for fresh adjudication, as the genuineness of the purchases and the claim had to be verified on the basis of the newly admitted material after giving the assessee an opportunity of hearing. The disallowance of business expenditure paid through credit cards was sustained because the assessee did not produce evidence showing that the expenditure was incurred wholly and exclusively for business purposes. en-us Wed, 12 Apr 2017 00:00:00 +0530 Thu, 20 Apr 2017 12:57:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=341903 Additional evidence was admitted under Rule 29 because it was crucial to the depreciation dispute and the assessee showed reasonable cause for not producing it earlier. The depreciation disallowance on additions to fixed assets was therefore remanded for fresh adjudication, as the genuineness of the purchases and the claim had to be verified on the basis of the newly admitted material after giving the assessee an opportunity of hearing. The disallowance of business expenditure paid through credit cards was sustained because the assessee did not produce evidence showing that the expenditure was incurred wholly and exclusively for business purposes. Case-Laws Income Tax Wed, 12 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=341903