https://www.taxtmi.com/caselaws?id=311311 ITAT Delhi ruled on two issues involving an assessee partnership firm. First, regarding depreciation claims on machinery at 30% versus 15%, the Tribunal restored the matter to AO for fresh consideration, directing proper hearing and evaluation of precedents including cases allowing higher depreciation rates for construction equipment. Second, concerning addition under Section 68 for cash introduced by partner, ITAT held that since partner had sufficient bank withdrawals and declared income, any addition should be made in partner's hands, not the firm's, as long as partner confirms the investment and has explainable sources. en-us Fri, 15 Feb 2019 00:00:00 +0530 Wed, 20 Dec 2023 06:31:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311311 ITAT Delhi ruled on two issues involving an assessee partnership firm. First, regarding depreciation claims on machinery at 30% versus 15%, the Tribunal restored the matter to AO for fresh consideration, directing proper hearing and evaluation of precedents including cases allowing higher depreciation rates for construction equipment. Second, concerning addition under Section 68 for cash introduced by partner, ITAT held that since partner had sufficient bank withdrawals and declared income, any addition should be made in partner's hands, not the firm's, as long as partner confirms the investment and has explainable sources. Case-Laws Income Tax Fri, 15 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311311