https://www.taxtmi.com/caselaws?id=61039 The Tribunal partly allowed the appeals in the case. The excessive estimation of profit by the CIT(A) was upheld, with a reduced addition to the estimated profit. The denial of depreciation on machinery for Shri Ajay Gupta was reversed, allowing the full depreciation claim. The alleged suppression of sales was confirmed, and the addition was deemed justified. The disallowance of interest paid on a loan was upheld, with finance charges to be capitalized as part of the machinery cost. The Tribunal provided detailed reasons for each decision, addressing the disagreements among the members. en-us Mon, 23 Mar 1998 00:00:00 +0530 Mon, 10 Jan 2011 14:53:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61039 The Tribunal partly allowed the appeals in the case. The excessive estimation of profit by the CIT(A) was upheld, with a reduced addition to the estimated profit. The denial of depreciation on machinery for Shri Ajay Gupta was reversed, allowing the full depreciation claim. The alleged suppression of sales was confirmed, and the addition was deemed justified. The disallowance of interest paid on a loan was upheld, with finance charges to be capitalized as part of the machinery cost. The Tribunal provided detailed reasons for each decision, addressing the disagreements among the members. Case-Laws Income Tax Mon, 23 Mar 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61039