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The ITAT upheld the Principal Commissioner's revision under section 263, finding the assessment order erroneous and prejudicial to the interests of the Revenue. It held that government grants relatable to depreciable assets must either reduce the actual cost/WDV of the asset or be brought to tax, and that the assessee's practice of crediting grants to a deferred account while claiming full depreciation occasioned an excess depreciation claim. The Tribunal rejected the assessee's contention based on accounting treatment and prior acceptance, found no infirmity in the Pr. CIT's order, and sustained the revisionary direction; the assessee's challenge was dismissed and relief refused.
The ITAT upheld the Principal Commissioner's revision under section 263, finding the assessment order erroneous and prejudicial to the interests of the Revenue. It held that government grants relatable to depreciable assets must either reduce the actual cost/WDV of the asset or be brought to tax, and that the assessee's practice of crediting grants to a deferred account while claiming full depreciation occasioned an excess depreciation claim. The Tribunal rejected the assessee's contention based on accounting treatment and prior acceptance, found no infirmity in the Pr. CIT's order, and sustained the revisionary direction; the assessee's challenge was dismissed and relief refused.
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