https://www.taxtmi.com/caselaws?id=307357 The Tribunal upheld the disallowance of depreciation on assets not in existence but allowed it for the assessment year 2009-10 where evidence of asset existence was provided. The case involved pending matters before the Bombay High Court regarding the correctness of disallowing depreciation on existing assets and recasting audited book results for computing book profit. Section 158A of the Income Tax Act was applied based on substantial law framed by the High Court, leading to remand of all matters to the Assessing Officer for decision in line with the High Court's rulings. Ultimately, all appeals were restored to the AO for further proceedings. en-us Fri, 16 Jun 2017 00:00:00 +0530 Fri, 07 Apr 2023 21:30:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=307357 The Tribunal upheld the disallowance of depreciation on assets not in existence but allowed it for the assessment year 2009-10 where evidence of asset existence was provided. The case involved pending matters before the Bombay High Court regarding the correctness of disallowing depreciation on existing assets and recasting audited book results for computing book profit. Section 158A of the Income Tax Act was applied based on substantial law framed by the High Court, leading to remand of all matters to the Assessing Officer for decision in line with the High Court's rulings. Ultimately, all appeals were restored to the AO for further proceedings. Case-Laws Income Tax Fri, 16 Jun 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=307357