PMLA anticipatory bail requires satisfaction of twin conditions, while predicate-offence protection does not extend to independent money-laundering pr...
School-affiliation charges remain taxable where not directly connected with examinations, while extended limitation requires proof of deliberate tax e...
ITAT held that the PCIT's revision u/s. 263 was misplaced and set aside: the AO had made specific enquiries into depreciation claimed u/s. 32 on immovable properties partly let out and had examined the assessee's detailed replies, taking a legally permissible view accepting depreciation for the period properties were employed in business while rental income was offered for the let-out period. Tribunal found there was neither lack nor inadequacy of inquiry by the AO, thus jurisdiction u/s. 263 could not be invoked. On merits the assessee satisfactorily demonstrated entitlement to depreciation for business use periods; the appeal was allowed and the s. 263 action quashed.
ITAT held that the PCIT's revision u/s. 263 was misplaced and set aside: the AO had made specific enquiries into depreciation claimed u/s. 32 on immovable properties partly let out and had examined the assessee's detailed replies, taking a legally permissible view accepting depreciation for the period properties were employed in business while rental income was offered for the let-out period. Tribunal found there was neither lack nor inadequacy of inquiry by the AO, thus jurisdiction u/s. 263 could not be invoked. On merits the assessee satisfactorily demonstrated entitlement to depreciation for business use periods; the appeal was allowed and the s. 263 action quashed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4827 
Join Channel 
