https://www.taxtmi.com/caselaws?id=365778 The Tribunal allowed the assessee's claim for depreciation on leased assets, directing the AO to delete the disallowance. It dismissed the disallowance of penalty for late payment of sales tax as the assessee did not press the issue. The disallowance of expenditure related to exempt income was restricted to 1% of the exempt income. The Tribunal upheld the deletion of disallowance on bad debts written off and excess depreciation on certain assets. It allowed the exemption under Section 54EA before setting off long-term capital loss. The addition of late payment compensation charges on NPAs was directed to be verified and taxed on a receipt basis. However, the disallowance of advertisement expenditure and interest expenditure for contravention of law was upheld. en-us Tue, 21 Aug 2018 00:00:00 +0530 Wed, 22 Aug 2018 12:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=365778 The Tribunal allowed the assessee's claim for depreciation on leased assets, directing the AO to delete the disallowance. It dismissed the disallowance of penalty for late payment of sales tax as the assessee did not press the issue. The disallowance of expenditure related to exempt income was restricted to 1% of the exempt income. The Tribunal upheld the deletion of disallowance on bad debts written off and excess depreciation on certain assets. It allowed the exemption under Section 54EA before setting off long-term capital loss. The addition of late payment compensation charges on NPAs was directed to be verified and taxed on a receipt basis. However, the disallowance of advertisement expenditure and interest expenditure for contravention of law was upheld. Case-Laws Income Tax Tue, 21 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=365778