https://www.taxtmi.com/caselaws?id=371809 The Tribunal partly allowed the appeals filed by M/s. Friends Oil & Chemical Terminals Pvt. Ltd. and M/s. Friends Salt Works & Allied Industries. It directed the Assessing Officer to allow depreciation on storage tanks at a rate of 15% as claimed by the Assessee. Additionally, the Tribunal upheld the Assessee's eligibility for deduction under Section 80IA for the income derived from operating and maintaining the storage tanks, considering them an integral part of the port operations. The grounds related to the lack of opportunity for cross-examination and insufficient time were dismissed as they were not pressed before the Tribunal. en-us Fri, 07 Dec 2018 00:00:00 +0530 Tue, 11 Dec 2018 06:32:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=371809 The Tribunal partly allowed the appeals filed by M/s. Friends Oil & Chemical Terminals Pvt. Ltd. and M/s. Friends Salt Works & Allied Industries. It directed the Assessing Officer to allow depreciation on storage tanks at a rate of 15% as claimed by the Assessee. Additionally, the Tribunal upheld the Assessee's eligibility for deduction under Section 80IA for the income derived from operating and maintaining the storage tanks, considering them an integral part of the port operations. The grounds related to the lack of opportunity for cross-examination and insufficient time were dismissed as they were not pressed before the Tribunal. Case-Laws Income Tax Fri, 07 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=371809