https://www.taxtmi.com/caselaws?id=412681 The Tribunal allowed the appeal, deleting the disallowance of depreciation of Rs. 6,54,950. The disallowance was based on the failure to reduce the written down value of assets following a loan waiver, resulting in incorrect depreciation calculations. The Tribunal emphasized that depreciation should be based on the written down value of assets. The challenge to the initiation of re-assessment proceedings was not addressed due to the favorable outcome on the primary issue. en-us Fri, 17 Sep 2021 00:00:00 +0530 Fri, 24 Sep 2021 12:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=412681 The Tribunal allowed the appeal, deleting the disallowance of depreciation of Rs. 6,54,950. The disallowance was based on the failure to reduce the written down value of assets following a loan waiver, resulting in incorrect depreciation calculations. The Tribunal emphasized that depreciation should be based on the written down value of assets. The challenge to the initiation of re-assessment proceedings was not addressed due to the favorable outcome on the primary issue. Case-Laws Income Tax Fri, 17 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=412681