https://www.taxtmi.com/caselaws?id=273882 The ITAT upheld the deletion of disallowance of interest and depreciation made by the CIT(A) in the case. Regarding interest disallowance, the ITAT relied on the rule of consistency and the utilization of interest-free surplus funds for business purposes, citing relevant case law. Concerning depreciation disallowance on assets received without consideration, the ITAT referred to the insertion of sub-section (6) to section 11 and relevant judgments, concluding that depreciation could be claimed for the assessment year 2008-09. The ITAT justified the deletions based on legal precedents and case-specific circumstances. en-us Tue, 18 Apr 2017 00:00:00 +0530 Thu, 19 Jul 2018 05:59:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=273882 The ITAT upheld the deletion of disallowance of interest and depreciation made by the CIT(A) in the case. Regarding interest disallowance, the ITAT relied on the rule of consistency and the utilization of interest-free surplus funds for business purposes, citing relevant case law. Concerning depreciation disallowance on assets received without consideration, the ITAT referred to the insertion of sub-section (6) to section 11 and relevant judgments, concluding that depreciation could be claimed for the assessment year 2008-09. The ITAT justified the deletions based on legal precedents and case-specific circumstances. Case-Laws Income Tax Tue, 18 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=273882