https://www.taxtmi.com/caselaws?id=346186 The High Court dismissed Revenue's appeals against the ITAT's order, focusing on the computation of deductible income under Section 10(29) of the Income Tax Act. The Court upheld that depreciation should be considered an allowance, not an expense, in line with Supreme Court precedents. Relying on decisions in Nectar Beverages Pvt. Ltd. and CIT v. Anand Theatres, the Court found no legal error in treating depreciation as an allowance. As no substantial legal question arose, the appeals were dismissed, with related applications addressed accordingly. en-us Tue, 01 Aug 2017 00:00:00 +0530 Wed, 13 Dec 2017 11:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=346186 The High Court dismissed Revenue's appeals against the ITAT's order, focusing on the computation of deductible income under Section 10(29) of the Income Tax Act. The Court upheld that depreciation should be considered an allowance, not an expense, in line with Supreme Court precedents. Relying on decisions in Nectar Beverages Pvt. Ltd. and CIT v. Anand Theatres, the Court found no legal error in treating depreciation as an allowance. As no substantial legal question arose, the appeals were dismissed, with related applications addressed accordingly. Case-Laws Income Tax Tue, 01 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=346186