https://www.taxtmi.com/caselaws?id=303453 The Delhi High Court upheld the Tribunal's decision regarding the disallowance of depreciation claimed by the assessed due to an alleged collusive transaction between the holding company and subsidiary company. The Court emphasized the importance of concrete evidence over mere suspicion, highlighting that the revenue failed to discharge the onus of proof regarding collusion. As the Tribunal found no error in allowing the depreciation claimed, the appeal was dismissed, emphasizing the need for substantiated allegations in such cases. The judgment reaffirmed the legal principle that conclusions based on suspicion alone are insufficient without concrete proof, as established by higher court precedents. en-us Mon, 22 Nov 2004 00:00:00 +0530 Mon, 25 Jul 2022 11:27:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=303453 The Delhi High Court upheld the Tribunal's decision regarding the disallowance of depreciation claimed by the assessed due to an alleged collusive transaction between the holding company and subsidiary company. The Court emphasized the importance of concrete evidence over mere suspicion, highlighting that the revenue failed to discharge the onus of proof regarding collusion. As the Tribunal found no error in allowing the depreciation claimed, the appeal was dismissed, emphasizing the need for substantiated allegations in such cases. The judgment reaffirmed the legal principle that conclusions based on suspicion alone are insufficient without concrete proof, as established by higher court precedents. Case-Laws Income Tax Mon, 22 Nov 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=303453