https://www.taxtmi.com/caselaws?id=358960 The appeal challenging the disallowance of depreciation amounting to Rs. 11,30,345 due to exchange gain was dismissed. The Assessing Officer's reopening of the assessment was found to lack jurisdiction by both the CIT(A) and the Tribunal. The interpretation of Section 43A of the Income Tax Act was pivotal, emphasizing the requirement of actual payment for adjustments in fixed assets. The decisions were in line with legal principles and precedents, ultimately leading to the dismissal of the appeal. en-us Wed, 18 Apr 2018 00:00:00 +0530 Fri, 20 Apr 2018 11:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=358960 The appeal challenging the disallowance of depreciation amounting to Rs. 11,30,345 due to exchange gain was dismissed. The Assessing Officer's reopening of the assessment was found to lack jurisdiction by both the CIT(A) and the Tribunal. The interpretation of Section 43A of the Income Tax Act was pivotal, emphasizing the requirement of actual payment for adjustments in fixed assets. The decisions were in line with legal principles and precedents, ultimately leading to the dismissal of the appeal. Case-Laws Income Tax Wed, 18 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=358960