https://www.taxtmi.com/caselaws?id=429486 The Appellate Tribunal upheld the decision of the CIT(A) regarding the disallowance of part of depreciation by reducing the value of plant and machinery. The Tribunal found that the difference in asset value was due to the treatment of foreign exchange gain and not as excess value of assets, as argued by the Revenue. The judgment emphasized the adjustment in the actual cost of assets with reference to changes in the rate of foreign exchange, in line with legal principles. The decision was based on the method adopted by the assessee and relevant legal precedents. en-us Wed, 26 Oct 2022 00:00:00 +0530 Sat, 29 Oct 2022 09:19:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=429486 The Appellate Tribunal upheld the decision of the CIT(A) regarding the disallowance of part of depreciation by reducing the value of plant and machinery. The Tribunal found that the difference in asset value was due to the treatment of foreign exchange gain and not as excess value of assets, as argued by the Revenue. The judgment emphasized the adjustment in the actual cost of assets with reference to changes in the rate of foreign exchange, in line with legal principles. The decision was based on the method adopted by the assessee and relevant legal precedents. Case-Laws Income Tax Wed, 26 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=429486