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ITAT partly allowed assessee's appeal. On revenue recognition issue, ITAT held AO made due enquiries, no lack of enquiry, decided in favour of assessee. On disallowance of proportionate depreciation claim, ITAT upheld PCIT's order stating AO made incorrect presumption of facts, lack of enquiry on area let out, decided against assessee. Judicial precedents cited by assessee held inapplicable to assessee's facts.
ITAT partly allowed assessee's appeal. On revenue recognition issue, ITAT held AO made due enquiries, no lack of enquiry, decided in favour of assessee. On disallowance of proportionate depreciation claim, ITAT upheld PCIT's order stating AO made incorrect presumption of facts, lack of enquiry on area let out, decided against assessee. Judicial precedents cited by assessee held inapplicable to assessee's facts.
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