https://www.taxtmi.com/caselaws?id=278426 The Tribunal partly allowed the appeal, ruling that the disallowance of depreciation by the Assessing Officer was incorrect. The appellant was granted the benefit of deduction under section 80IC on profits increased by the disallowances. Additionally, the Tribunal affirmed that the excise refund should not be deducted from the cost of the asset, as it constitutes a revenue receipt forming part of profits and gains from the business. en-us Mon, 17 Sep 2018 00:00:00 +0530 Fri, 01 Feb 2019 06:58:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=278426 The Tribunal partly allowed the appeal, ruling that the disallowance of depreciation by the Assessing Officer was incorrect. The appellant was granted the benefit of deduction under section 80IC on profits increased by the disallowances. Additionally, the Tribunal affirmed that the excise refund should not be deducted from the cost of the asset, as it constitutes a revenue receipt forming part of profits and gains from the business. Case-Laws Income Tax Mon, 17 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=278426