https://www.taxtmi.com/caselaws?id=447364 The HC upheld the Tribunal's decision confirming the Assessing Officer's order under Section 143(3) of the Income Tax Act, 1961, regarding the disallowability of maintenance expenses and depreciation. It ruled that aircraft used for chartering business could not have expenses disallowed, supporting the assessee's position. On the deduction of lease rent for a vehicle, the Tribunal's view that the lease rent was revenue expenditure was accepted, and the HC found no illegality. A separate judgment noted the revenue's concession on similar issues in past years, further supporting the assessee. The appeal was dismissed, affirming the Tribunal's decisions. en-us Wed, 20 Dec 2023 00:00:00 +0530 Sat, 23 Dec 2023 09:44:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447364 The HC upheld the Tribunal's decision confirming the Assessing Officer's order under Section 143(3) of the Income Tax Act, 1961, regarding the disallowability of maintenance expenses and depreciation. It ruled that aircraft used for chartering business could not have expenses disallowed, supporting the assessee's position. On the deduction of lease rent for a vehicle, the Tribunal's view that the lease rent was revenue expenditure was accepted, and the HC found no illegality. A separate judgment noted the revenue's concession on similar issues in past years, further supporting the assessee. The appeal was dismissed, affirming the Tribunal's decisions. Case-Laws Income Tax Wed, 20 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447364