https://www.taxtmi.com/caselaws?id=372873 The Tribunal and High Court upheld the Assessee's interpretation under Chapter XIV-B of the Income Tax Act, 1961 for block assessment in search cases, aligning with the legal framework emphasizing undisclosed income assessment. Disallowance of depreciation on assets leased to REPL was deemed to follow the specific procedure of Chapter XIV-B, supported by the Tribunal and upheld by the High Court. The Court dismissed the issue concerning broken period interest due to settled precedent. The allowance of depreciation on the sale and lease back transaction of assets to AEL is pending further analysis post the scheduled hearing. en-us Wed, 05 Dec 2018 00:00:00 +0530 Tue, 01 Jan 2019 14:40:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=372873 The Tribunal and High Court upheld the Assessee's interpretation under Chapter XIV-B of the Income Tax Act, 1961 for block assessment in search cases, aligning with the legal framework emphasizing undisclosed income assessment. Disallowance of depreciation on assets leased to REPL was deemed to follow the specific procedure of Chapter XIV-B, supported by the Tribunal and upheld by the High Court. The Court dismissed the issue concerning broken period interest due to settled precedent. The allowance of depreciation on the sale and lease back transaction of assets to AEL is pending further analysis post the scheduled hearing. Case-Laws Income Tax Wed, 05 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=372873