https://www.taxtmi.com/caselaws?id=457766 The ITAT Amritsar allowed the assessee's appeal regarding ad hoc disallowance of electricity charges, finding the AO made additions based on mere assumptions without supporting material evidence. The AO completed assessment under section 143(3) without rejecting books of account but disallowed expenses assuming electricity usage in other units. Regarding unabsorbed depreciation claims for AY 1997-98 and 2002-03, the tribunal held that under amended section 32(2), unabsorbed depreciation becomes part of current year depreciation and can be adjusted against other income. The matter was remitted to AO for verification of quantum and proper allowance as per law. en-us Mon, 11 Sep 2017 00:00:00 +0530 Thu, 26 Sep 2024 23:32:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457766 The ITAT Amritsar allowed the assessee's appeal regarding ad hoc disallowance of electricity charges, finding the AO made additions based on mere assumptions without supporting material evidence. The AO completed assessment under section 143(3) without rejecting books of account but disallowed expenses assuming electricity usage in other units. Regarding unabsorbed depreciation claims for AY 1997-98 and 2002-03, the tribunal held that under amended section 32(2), unabsorbed depreciation becomes part of current year depreciation and can be adjusted against other income. The matter was remitted to AO for verification of quantum and proper allowance as per law. Case-Laws Income Tax Mon, 11 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457766