https://www.taxtmi.com/caselaws?id=32076 The court upheld the ITAT's decision in favor of the respondent, ruling that the ITAT did not err in determining the selling price of land for taxation purposes. The court emphasized that assuming a higher selling price without evidence is unjustified and that Stamp Valuation Authority rates do not necessarily reflect the actual selling price. Additionally, the court found in favor of the assessee regarding the allowance of depreciation on purchased tankers, noting that the tankers were indeed leased and used, as evidenced by lease income received and assessed. Consequently, the appeal was dismissed, and both issues were decided against the revenue. en-us Mon, 18 Aug 2008 00:00:00 +0530 Mon, 25 Apr 2016 14:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=32076 The court upheld the ITAT's decision in favor of the respondent, ruling that the ITAT did not err in determining the selling price of land for taxation purposes. The court emphasized that assuming a higher selling price without evidence is unjustified and that Stamp Valuation Authority rates do not necessarily reflect the actual selling price. Additionally, the court found in favor of the assessee regarding the allowance of depreciation on purchased tankers, noting that the tankers were indeed leased and used, as evidenced by lease income received and assessed. Consequently, the appeal was dismissed, and both issues were decided against the revenue. Case-Laws Income Tax Mon, 18 Aug 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=32076