| |
| The Tax Publishers2020 TaxPub(DT) 4263 (Karn-HC) : (2021) 430 ITR 0055 INCOME TAX ACT, 1961
Section 263
Where AO, after due application of mind and on proper consideration of material available on record, had allowed claim for depreciation on leasehold rights, the order passed by Tribunal crashing the order passed under section 263 would be held as justified, being not prejudicial to the interest of revenue.
|
Revision under section 263 - Erroneous and prejudicial order - Application of mind by AO -
Revenue filed appeal against the order of Tribunal crashing the order passed under section 263 on the ground that AO had wrongly allowed the claim for depreciation on leasehold rights. Held: AO after due application of mind and on proper consideration of the material available on record had allowed the claim for depreciation on leasehold rights. The order passed by the AO can neither be said to be erroneous nor prejudicial to the interest of the revenue. Thus, Tribunal had rightly quashed the order passed by the CIT.
REFERRED :
FAVOUR : In favour of assessee.
A.Y. : 2007-08
IN THE KARNATAKA HIGH COURT
 SUBSCRIBE FOR FULL CONTENT
|