https://www.taxtmi.com/caselaws?id=304101 The Tribunal allowed both appeals of the assessee, ruling in favor of the company. The disallowance of interest payable to the Government of India was deemed unwarranted as the interest claimed was a definite liability, not contingent, and aligned with the mercantile system of accounting. Similarly, the disallowance of depreciation on Westland Helicopters was overturned, emphasizing that depreciation on assets forming part of a block of assets should be allowed regardless of individual asset usage. en-us Wed, 14 Jul 2021 00:00:00 +0530 Thu, 08 Sep 2022 07:21:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=304101 The Tribunal allowed both appeals of the assessee, ruling in favor of the company. The disallowance of interest payable to the Government of India was deemed unwarranted as the interest claimed was a definite liability, not contingent, and aligned with the mercantile system of accounting. Similarly, the disallowance of depreciation on Westland Helicopters was overturned, emphasizing that depreciation on assets forming part of a block of assets should be allowed regardless of individual asset usage. Case-Laws Income Tax Wed, 14 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=304101