https://www.taxtmi.com/caselaws?id=59696 The Tribunal partially allowed both the assessee's and the Revenue's appeals. It determined that the business was set up on 2nd Nov 2001, allowing expenses incurred after this date as deductible, thus favoring the assessee on the first issue. The Tribunal upheld the AO's decision to apply a 20% depreciation rate on motor cars used for business purposes, reversing the CIT(A)'s allowance of 50%. It found no error in the dismissal of interest levies under sections 234B and 234C. Consequently, the Tribunal's decision led to a partial allowance of the Revenue's appeal regarding the Rs. 85 lakhs expenditure. en-us Wed, 18 Feb 2009 00:00:00 +0530 Sat, 28 Oct 2023 10:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59696 The Tribunal partially allowed both the assessee's and the Revenue's appeals. It determined that the business was set up on 2nd Nov 2001, allowing expenses incurred after this date as deductible, thus favoring the assessee on the first issue. The Tribunal upheld the AO's decision to apply a 20% depreciation rate on motor cars used for business purposes, reversing the CIT(A)'s allowance of 50%. It found no error in the dismissal of interest levies under sections 234B and 234C. Consequently, the Tribunal's decision led to a partial allowance of the Revenue's appeal regarding the Rs. 85 lakhs expenditure. Case-Laws Income Tax Wed, 18 Feb 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59696