https://www.taxtmi.com/caselaws?id=59493 The Tribunal upheld the CIT(A)'s decision on the applicability of Rule 115 and the calculation of depreciation based on the current exchange rate. It also agreed with the CIT(A) that the second proviso to Section 32(1) did not apply. However, the Tribunal reversed the CIT(A)'s decision on guest house expenses, following the Supreme Court's ruling. The appeal was partly allowed, with the disallowance of guest house expenses being upheld. en-us Fri, 05 May 2006 00:00:00 +0530 Thu, 30 Dec 2010 11:08:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59493 The Tribunal upheld the CIT(A)'s decision on the applicability of Rule 115 and the calculation of depreciation based on the current exchange rate. It also agreed with the CIT(A) that the second proviso to Section 32(1) did not apply. However, the Tribunal reversed the CIT(A)'s decision on guest house expenses, following the Supreme Court's ruling. The appeal was partly allowed, with the disallowance of guest house expenses being upheld. Case-Laws Income Tax Fri, 05 May 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59493