https://www.taxtmi.com/caselaws?id=756513 ITAT Delhi allowed the assessee's appeal regarding disallowance of interest and financial expenses, finding that bank statements from State Bank of India clearly showed legitimate interest payments, making the AO's disallowance unjustified. The tribunal also ruled in favor of depreciation claims supported by audited balance sheet and tax audit reports, noting that depreciation allowed in previous years should continue for existing assets. Additionally, ITAT directed the AO to allow credit for brought forward losses and unabsorbed depreciation as per Income Tax Act provisions, based on returns filed showing year-to-year carry forward of losses. en-us Thu, 30 May 2024 00:00:00 +0530 Mon, 05 Aug 2024 07:05:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756513 ITAT Delhi allowed the assessee's appeal regarding disallowance of interest and financial expenses, finding that bank statements from State Bank of India clearly showed legitimate interest payments, making the AO's disallowance unjustified. The tribunal also ruled in favor of depreciation claims supported by audited balance sheet and tax audit reports, noting that depreciation allowed in previous years should continue for existing assets. Additionally, ITAT directed the AO to allow credit for brought forward losses and unabsorbed depreciation as per Income Tax Act provisions, based on returns filed showing year-to-year carry forward of losses. Case-Laws Income Tax Thu, 30 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756513