https://www.taxtmi.com/caselaws?id=366547 The Tribunal directed a reevaluation by the CIT (A) regarding the disallowance of depreciation on shuttering and centering sheets, emphasizing the importance of consistency in allowing depreciation and verifying if 100% depreciation was granted in earlier years. The Tribunal also highlighted the need to reassess the treatment of centering sheets as plant and machinery and determine the correct depreciation rate. The appellant's claim for 100% depreciation on centering sheets was acknowledged, and the appeal was allowed for statistical purposes, with partial success for the appellant. The issue of interest disallowance under section 234B was not extensively addressed in the decision. en-us Fri, 31 Aug 2018 00:00:00 +0530 Thu, 06 Sep 2018 09:17:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=366547 The Tribunal directed a reevaluation by the CIT (A) regarding the disallowance of depreciation on shuttering and centering sheets, emphasizing the importance of consistency in allowing depreciation and verifying if 100% depreciation was granted in earlier years. The Tribunal also highlighted the need to reassess the treatment of centering sheets as plant and machinery and determine the correct depreciation rate. The appellant's claim for 100% depreciation on centering sheets was acknowledged, and the appeal was allowed for statistical purposes, with partial success for the appellant. The issue of interest disallowance under section 234B was not extensively addressed in the decision. Case-Laws Income Tax Fri, 31 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=366547