Tax authority's substitution of projected figures with actuals overturned; original acquisition valuation upheld; transfer pricing issues remitted for...
Beneficial owner held liable for differential customs duty; royalties added under Rule 10(1)(c); confiscation, penalties under s.111(m), s.114A, s.112...
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.
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