https://www.taxtmi.com/caselaws?id=345304 The Tribunal upheld the disallowance of depreciation on the "distribution network" as an intangible asset and the revalued fixed assets acquired from BPL Ltd. The Tribunal found that the valuation of both assets was inflated, indicating a tax avoidance strategy by the assessee. The disallowance was justified under Explanation 3 to Section 43(1) of the Income Tax Act, leading to the dismissal of the assessee's appeal. en-us Fri, 04 Nov 2016 00:00:00 +0530 Thu, 13 Jul 2017 07:28:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=345304 The Tribunal upheld the disallowance of depreciation on the "distribution network" as an intangible asset and the revalued fixed assets acquired from BPL Ltd. The Tribunal found that the valuation of both assets was inflated, indicating a tax avoidance strategy by the assessee. The disallowance was justified under Explanation 3 to Section 43(1) of the Income Tax Act, leading to the dismissal of the assessee's appeal. Case-Laws Income Tax Fri, 04 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=345304