https://www.taxtmi.com/caselaws?id=466212 Rejection of depreciation on computer hardware was found to rest on untested statements, violating natural justice; on circumstantial evidence the purchase and depreciation claim is accepted and depreciation allowed. Interest on borrowings was held to be incurred for business purposes and allowed as business expenditure. Disallowance under allocation to exempt income was examined with reference to the requirement that the assessing officer must determine expenditure related to exempt income using a reasonable basis after giving the assessee opportunity to place relevant material; the matter is remitted for fresh consideration. Assessment limitation and validity of reopening are to be verified before further proceedings. en-us Fri, 19 May 2023 00:00:00 +0530 Wed, 28 Jan 2026 13:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=466212 Rejection of depreciation on computer hardware was found to rest on untested statements, violating natural justice; on circumstantial evidence the purchase and depreciation claim is accepted and depreciation allowed. Interest on borrowings was held to be incurred for business purposes and allowed as business expenditure. Disallowance under allocation to exempt income was examined with reference to the requirement that the assessing officer must determine expenditure related to exempt income using a reasonable basis after giving the assessee opportunity to place relevant material; the matter is remitted for fresh consideration. Assessment limitation and validity of reopening are to be verified before further proceedings. Case-Laws Income Tax Fri, 19 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=466212