https://www.taxtmi.com/caselaws?id=341903 The ITAT partially allowed the appeal filed by the assessee. The ITAT admitted additional crucial evidence under Rule 29 of ITAT Rules, 1963, supporting fixed asset purchases. The disallowance of depreciation claims was restored to the FAA for fresh adjudication due to lack of evidence, with a partial favorable decision for the assessee. The ITAT upheld the disallowance of business expenses incurred through credit card, as the bank statement did not sufficiently prove the business purpose. Various issues were decided in favor of either the assessee or revenue authorities based on evidence and submissions presented. 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 The ITAT partially allowed the appeal filed by the assessee. The ITAT admitted additional crucial evidence under Rule 29 of ITAT Rules, 1963, supporting fixed asset purchases. The disallowance of depreciation claims was restored to the FAA for fresh adjudication due to lack of evidence, with a partial favorable decision for the assessee. The ITAT upheld the disallowance of business expenses incurred through credit card, as the bank statement did not sufficiently prove the business purpose. Various issues were decided in favor of either the assessee or revenue authorities based on evidence and submissions presented. Case-Laws Income Tax Wed, 12 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=341903