https://www.taxtmi.com/caselaws?id=301288 The Tribunal partially allowed the appeal, confirming the lower depreciation rate for Automated Teller Machines (ATMs) as electronic devices, not computers, restricting depreciation to 15%. However, it allowed higher depreciation for Uninterruptible Power Supply (UPS) as part of the computer system at 60%. The disallowance of depreciation due to non-furnishing of invoices for fixed assets was upheld. The issue of expenditure in the nature of penalty was remanded for further examination to determine if the payments were compensatory or penalties for infractions of the law. en-us Fri, 27 May 2016 00:00:00 +0530 Fri, 25 Mar 2022 08:33:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=301288 The Tribunal partially allowed the appeal, confirming the lower depreciation rate for Automated Teller Machines (ATMs) as electronic devices, not computers, restricting depreciation to 15%. However, it allowed higher depreciation for Uninterruptible Power Supply (UPS) as part of the computer system at 60%. The disallowance of depreciation due to non-furnishing of invoices for fixed assets was upheld. The issue of expenditure in the nature of penalty was remanded for further examination to determine if the payments were compensatory or penalties for infractions of the law. Case-Laws Income Tax Fri, 27 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=301288