https://www.taxtmi.com/caselaws?id=760053 The ITAT Delhi dismissed the Revenue's appeal on multiple grounds. The Tribunal upheld CIT(A)'s decision allowing the assessee's claims regarding: (1) no disallowance under Section 14A as the assessee had no exempt income requiring related expenditure disallowance; (2) deduction of assured rental/interest payments following precedent in Vipul Infracon case; (3) administrative expenses and staff costs as allowable under AS-7 accounting standards, following Lodha Palazzo precedent; and (4) full depreciation allowance on business assets, ruling that personal use cannot restrict statutory depreciation allowances when assets are owned and used for business purposes. en-us Thu, 10 Oct 2024 00:00:00 +0530 Mon, 14 Oct 2024 17:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760053 The ITAT Delhi dismissed the Revenue's appeal on multiple grounds. The Tribunal upheld CIT(A)'s decision allowing the assessee's claims regarding: (1) no disallowance under Section 14A as the assessee had no exempt income requiring related expenditure disallowance; (2) deduction of assured rental/interest payments following precedent in Vipul Infracon case; (3) administrative expenses and staff costs as allowable under AS-7 accounting standards, following Lodha Palazzo precedent; and (4) full depreciation allowance on business assets, ruling that personal use cannot restrict statutory depreciation allowances when assets are owned and used for business purposes. Case-Laws Income Tax Thu, 10 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760053