https://www.taxtmi.com/caselaws?id=417225 The Tribunal dismissed the Revenue's appeal against the CIT(A)'s order for the assessment year 2012-13. It held that the disallowance of interest under section 36(1)(iii) was unjustified as the fixed assets were in use, allowing the assessee to claim depreciation and additional depreciation. The Tribunal upheld the CIT(A)'s decision, emphasizing that working at 20% capacity did not negate asset use. Therefore, the appeal related to interest disallowance and depreciation was dismissed in favor of the assessee. en-us Fri, 14 Jan 2022 00:00:00 +0530 Tue, 18 Jan 2022 08:46:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=417225 The Tribunal dismissed the Revenue's appeal against the CIT(A)'s order for the assessment year 2012-13. It held that the disallowance of interest under section 36(1)(iii) was unjustified as the fixed assets were in use, allowing the assessee to claim depreciation and additional depreciation. The Tribunal upheld the CIT(A)'s decision, emphasizing that working at 20% capacity did not negate asset use. Therefore, the appeal related to interest disallowance and depreciation was dismissed in favor of the assessee. Case-Laws Income Tax Fri, 14 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=417225