https://www.taxtmi.com/caselaws?id=59149 The Tribunal allowed the appeal by the assessee regarding the disallowance of 50% depreciation on holiday homes, stating that depreciation cannot be disallowed under section 37(4) of the Act. However, the Tribunal upheld the CIT(A)'s decision to deny the investment allowance on the increased cost of ships due to foreign exchange fluctuation, emphasizing that actual cost should be determined at the time of installation or use, and currency fluctuation losses are capital losses to be adjusted in the year they occur under section 43A. Both the assessee's and the department's appeals were partially allowed. en-us Wed, 21 Aug 1991 00:00:00 +0530 Sun, 06 Feb 2011 03:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59149 The Tribunal allowed the appeal by the assessee regarding the disallowance of 50% depreciation on holiday homes, stating that depreciation cannot be disallowed under section 37(4) of the Act. However, the Tribunal upheld the CIT(A)'s decision to deny the investment allowance on the increased cost of ships due to foreign exchange fluctuation, emphasizing that actual cost should be determined at the time of installation or use, and currency fluctuation losses are capital losses to be adjusted in the year they occur under section 43A. Both the assessee's and the department's appeals were partially allowed. Case-Laws Income Tax Wed, 21 Aug 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59149