Depreciation and other tax disallowances in corporate assessment: Tribunal directs deletions, recalculations and verification of claims

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....Dispute concerns multiple corporate assessment adjustments: the tribunal held depreciation disallowance unsustainable where assets were purchased through banking channels, recorded in audited books and legitimately owned and used, and directed deletion. Warranty provision deduction was recalculated and remitted to the AO to grant the correct deductible amount. Rental receipts from trailer leasing were held to be business income, not income from house property, and relevant additions were deleted. Carry forward of losses was remitted for correct computation. TDS shortfall claims were ordered verified with submitted evidence. Addition on share premium was deleted as consideration received from a non-resident is outside the relevant taxable sc.........