Appeal dismissed: petitioner denied ITC for electricity used in township maintenance as residential supply; Explanation 1(d) prospective under s.2(17)...
Registration under section 12AA granted where substantive charitable objects for ex-servicemen, incidental commercial activity permitted and profits a...
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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