https://www.taxtmi.com/caselaws?id=441395 The Tribunal partially allowed the Revenue's appeal by upholding the deletion of an addition made by the AO due to rejection of books of account under Section 145(3) of the Income Tax Act, 1961. However, the Tribunal agreed with the CIT(A) on the entitlement of the assessee to claim depreciation at 60% on survey equipment, directing the AO to allow the higher depreciation rate. The Tribunal instructed the AO to estimate income at 10% and grant the appropriate depreciation rate, thereby partly allowing the Revenue's appeal for statistical purposes. en-us Wed, 19 Jul 2023 00:00:00 +0530 Tue, 08 Aug 2023 07:28:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=441395 The Tribunal partially allowed the Revenue's appeal by upholding the deletion of an addition made by the AO due to rejection of books of account under Section 145(3) of the Income Tax Act, 1961. However, the Tribunal agreed with the CIT(A) on the entitlement of the assessee to claim depreciation at 60% on survey equipment, directing the AO to allow the higher depreciation rate. The Tribunal instructed the AO to estimate income at 10% and grant the appropriate depreciation rate, thereby partly allowing the Revenue's appeal for statistical purposes. Case-Laws Income Tax Wed, 19 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=441395