https://www.taxtmi.com/caselaws?id=405744 The court upheld the Tribunal's decisions on all substantial questions of law, ruling in favor of the assessee and against the revenue. The disallowance of deduction under Section 10B for onsite subcontract work was rejected as the arrangement was not solely to avoid taxes. The disallowance of depreciation at 60% on switches and routers was set aside, confirming they are entitled to higher depreciation. Additionally, the disallowance of foreign exchange loss on forward contracts was overturned, with the court allowing such losses as business losses under Section 37(1) of the Act. en-us Wed, 24 Feb 2021 00:00:00 +0530 Fri, 26 Mar 2021 20:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405744 The court upheld the Tribunal's decisions on all substantial questions of law, ruling in favor of the assessee and against the revenue. The disallowance of deduction under Section 10B for onsite subcontract work was rejected as the arrangement was not solely to avoid taxes. The disallowance of depreciation at 60% on switches and routers was set aside, confirming they are entitled to higher depreciation. Additionally, the disallowance of foreign exchange loss on forward contracts was overturned, with the court allowing such losses as business losses under Section 37(1) of the Act. Case-Laws Income Tax Wed, 24 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405744