https://www.taxtmi.com/caselaws?id=415435 The tribunal upheld the deletion of disallowance of prior period expenses, emphasizing that expenses crystallized during the current year should be deductible regardless of the financial year they pertain to. The tribunal also supported the higher depreciation rates allowed by the ld.CIT(A) for assets like plant & machinery, kitchen equipment, and electrical fittings in the guest house, based on their functionality. The appeal filed by the Revenue was dismissed, affirming the ld.CIT(A)'s decisions on both issues. en-us Tue, 31 Aug 2021 00:00:00 +0530 Mon, 06 Dec 2021 09:36:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=415435 The tribunal upheld the deletion of disallowance of prior period expenses, emphasizing that expenses crystallized during the current year should be deductible regardless of the financial year they pertain to. The tribunal also supported the higher depreciation rates allowed by the ld.CIT(A) for assets like plant & machinery, kitchen equipment, and electrical fittings in the guest house, based on their functionality. The appeal filed by the Revenue was dismissed, affirming the ld.CIT(A)'s decisions on both issues. Case-Laws Income Tax Tue, 31 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=415435