https://www.taxtmi.com/caselaws?id=462662 ITAT Ahmedabad ruled in favor of the assessee on multiple issues. The tribunal deleted the addition under section 40A(2)(b) for excess interest payment, finding the AO failed to provide evidence that 18% interest rate was unreasonable compared to assumed 12% market rate. Depreciation claims on vehicles registered in employees' names were allowed as cars were used for business purposes. Additional depreciation on rolling mill rolls was permitted under section 32(1)(iia) as machinery parts used in manufacturing. Interest disallowance on capital work-in-progress was deleted since owned funds exceeded the amount. Foreign exchange loss was allowed as legitimate business loss. en-us Thu, 28 Feb 2019 00:00:00 +0530 Tue, 08 Jul 2025 18:56:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462662 ITAT Ahmedabad ruled in favor of the assessee on multiple issues. The tribunal deleted the addition under section 40A(2)(b) for excess interest payment, finding the AO failed to provide evidence that 18% interest rate was unreasonable compared to assumed 12% market rate. Depreciation claims on vehicles registered in employees' names were allowed as cars were used for business purposes. Additional depreciation on rolling mill rolls was permitted under section 32(1)(iia) as machinery parts used in manufacturing. Interest disallowance on capital work-in-progress was deleted since owned funds exceeded the amount. Foreign exchange loss was allowed as legitimate business loss. Case-Laws Income Tax Thu, 28 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462662