https://www.taxtmi.com/caselaws?id=430827 The ITAT partly allowed the appellant's appeal, directing re-adjudication of the interest expenses issue and upholding additions related to the Mercedes car value and the discrepancy in the MRF Tyres account. The disallowance of depreciation for the gifted car was upheld due to the appellant's failure to provide a satisfactory explanation and delayed claim for depreciation. The comparison leading to the disallowance of interest expenses was found flawed, prompting a re-evaluation by the AO considering prevailing rates for unsecured loans. en-us Wed, 23 Nov 2022 00:00:00 +0530 Tue, 29 Nov 2022 09:14:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430827 The ITAT partly allowed the appellant's appeal, directing re-adjudication of the interest expenses issue and upholding additions related to the Mercedes car value and the discrepancy in the MRF Tyres account. The disallowance of depreciation for the gifted car was upheld due to the appellant's failure to provide a satisfactory explanation and delayed claim for depreciation. The comparison leading to the disallowance of interest expenses was found flawed, prompting a re-evaluation by the AO considering prevailing rates for unsecured loans. Case-Laws Income Tax Wed, 23 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430827