https://www.taxtmi.com/caselaws?id=466454 Excess depreciation claimed on inflated plant and machinery was rejected where Form 10CCB reporting matched only incentive-claiming units, and physical survey confirmed machinery presence; the deletion of the addition was sustained because survey statements lacked corroboration. Estimation of income by treating certain purchases as bogus was reduced by applying a reasonable profit margin rather than adding full purchases, and the partial addition (12%) was upheld. Claim for tax incentive deduction was allowed where pre-used machinery was not proved and purchase records supported the claim. Disallowance under exempt income computation was deleted as own funds exceeded investments and taxable dividends were excluded. en-us Fri, 08 Oct 2021 00:00:00 +0530 Thu, 05 Feb 2026 12:54:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=466454 Excess depreciation claimed on inflated plant and machinery was rejected where Form 10CCB reporting matched only incentive-claiming units, and physical survey confirmed machinery presence; the deletion of the addition was sustained because survey statements lacked corroboration. Estimation of income by treating certain purchases as bogus was reduced by applying a reasonable profit margin rather than adding full purchases, and the partial addition (12%) was upheld. Claim for tax incentive deduction was allowed where pre-used machinery was not proved and purchase records supported the claim. Disallowance under exempt income computation was deleted as own funds exceeded investments and taxable dividends were excluded. Case-Laws Income Tax Fri, 08 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=466454