https://www.taxtmi.com/caselaws?id=55660 The Tribunal upheld the CIT(Appeals)' decision to allow depreciation, initial depreciation, and investment allowance on machinery purchased during an extended accounting year. The Tribunal found that the machinery was purchased, installed, and used within the extended period, rejecting the ITO's denial of deductions. Additionally, the Tribunal confirmed the admissibility of additional evidence considered by the CIT(Appeals) and agreed with the cancellation of interest charges under sections 215, directing the assessing authority to grant consequential relief as per sections 139(8) and 215. The appeal was dismissed in favor of the assessee. en-us Mon, 11 Nov 1991 00:00:00 +0530 Mon, 29 Nov 2010 12:43:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55660 The Tribunal upheld the CIT(Appeals)' decision to allow depreciation, initial depreciation, and investment allowance on machinery purchased during an extended accounting year. The Tribunal found that the machinery was purchased, installed, and used within the extended period, rejecting the ITO's denial of deductions. Additionally, the Tribunal confirmed the admissibility of additional evidence considered by the CIT(Appeals) and agreed with the cancellation of interest charges under sections 215, directing the assessing authority to grant consequential relief as per sections 139(8) and 215. The appeal was dismissed in favor of the assessee. Case-Laws Income Tax Mon, 11 Nov 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55660