https://www.taxtmi.com/caselaws?id=36013 The High Court upheld the Appellate Tribunal's decision regarding the deductibility of managing agency commission and head office expenses, allocation of expenses between different sources of income, and the treatment of depreciation for assets in the head office. The expenses had to be allocated between various sources of income, and the full depreciation for assets in the head office was allowed as they were used for earning taxable income. The court emphasized the need for assets to be used for business purposes to claim depreciation and clarified the application of relevant sections of the Income Tax Act. en-us Mon, 07 Jan 1980 00:00:00 +0530 Thu, 18 Mar 2010 18:00:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36013 The High Court upheld the Appellate Tribunal's decision regarding the deductibility of managing agency commission and head office expenses, allocation of expenses between different sources of income, and the treatment of depreciation for assets in the head office. The expenses had to be allocated between various sources of income, and the full depreciation for assets in the head office was allowed as they were used for earning taxable income. The court emphasized the need for assets to be used for business purposes to claim depreciation and clarified the application of relevant sections of the Income Tax Act. Case-Laws Income Tax Mon, 07 Jan 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36013