https://www.taxtmi.com/caselaws?id=757718 The ITAT Ahmedabad ruled in favor of the assessee on three grounds. First, depreciation was allowed on assets held in directors' names, following SC precedent in Mysore Mineral Ltd that ownership includes beneficial ownership where the assessee has possession and control for business purposes. Second, the 20% disallowance of expenses was deleted as the AO's action was based on assumptions without concrete evidence, with increased expenses justified by corresponding turnover growth. Third, the protective addition under section 68 for unsecured loans was deleted as the assessee provided adequate evidence and the AO failed to conduct proper investigations. en-us Tue, 23 Jul 2024 00:00:00 +0530 Fri, 30 Aug 2024 17:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757718 The ITAT Ahmedabad ruled in favor of the assessee on three grounds. First, depreciation was allowed on assets held in directors' names, following SC precedent in Mysore Mineral Ltd that ownership includes beneficial ownership where the assessee has possession and control for business purposes. Second, the 20% disallowance of expenses was deleted as the AO's action was based on assumptions without concrete evidence, with increased expenses justified by corresponding turnover growth. Third, the protective addition under section 68 for unsecured loans was deleted as the assessee provided adequate evidence and the AO failed to conduct proper investigations. Case-Laws Income Tax Tue, 23 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757718