https://www.taxtmi.com/caselaws?id=397185 The ITAT Pune partially allowed the appeal by deleting the addition made under section 69 and directing to restrict the disallowance of depreciation on machines based on the revised purchase value. The court found that the machines were actually purchased from the open market and not from hawala operators, leading to the unwarranted addition under section 69. Consequently, the depreciation amount was recalculated based on the reduced purchase value, resulting in a favorable outcome for the assessee. en-us Wed, 05 Aug 2020 00:00:00 +0530 Fri, 07 Aug 2020 07:56:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397185 The ITAT Pune partially allowed the appeal by deleting the addition made under section 69 and directing to restrict the disallowance of depreciation on machines based on the revised purchase value. The court found that the machines were actually purchased from the open market and not from hawala operators, leading to the unwarranted addition under section 69. Consequently, the depreciation amount was recalculated based on the reduced purchase value, resulting in a favorable outcome for the assessee. Case-Laws Income Tax Wed, 05 Aug 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397185