https://www.taxtmi.com/caselaws?id=436597 The Tribunal upheld the Assessing Officer's decision regarding the depreciation claim on ponds, allowing depreciation at 15% based on the functional test and nature of ponds as tools of the business. The Tribunal set aside the Commissioner of Income Tax (Appeals) decision on disallowance of electricity charges, stating lack of proof of business-related expenditure. The Tribunal also overturned the CIT(A)'s decision on disallowance under section 14A r.w.r. 8D(1)(b) due to factual inaccuracies. The revenue's appeal was allowed, and the assessee's cross objections were dismissed due to a filing delay. en-us Wed, 08 Mar 2023 00:00:00 +0530 Mon, 17 Apr 2023 08:06:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=436597 The Tribunal upheld the Assessing Officer's decision regarding the depreciation claim on ponds, allowing depreciation at 15% based on the functional test and nature of ponds as tools of the business. The Tribunal set aside the Commissioner of Income Tax (Appeals) decision on disallowance of electricity charges, stating lack of proof of business-related expenditure. The Tribunal also overturned the CIT(A)'s decision on disallowance under section 14A r.w.r. 8D(1)(b) due to factual inaccuracies. The revenue's appeal was allowed, and the assessee's cross objections were dismissed due to a filing delay. Case-Laws Income Tax Wed, 08 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=436597