https://www.taxtmi.com/caselaws?id=67086 The ITAT allowed the appeal, finding that the CIT failed to demonstrate errors or prejudice to revenue in the assessment order. The ITAT upheld the allowances for 100% depreciation on cylinders, repairs of plant and machinery not owned by the factory, and security deposits as trading receipts. It concluded that the CIT's direction for a fresh assessment was unwarranted, as the original allowances were deemed justified based on the presented facts. The ITAT dismissed the variance between the grounds in the notice and the basis for setting aside the assessment as insignificant. en-us Tue, 28 May 1985 00:00:00 +0530 Wed, 09 Mar 2011 10:24:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67086 The ITAT allowed the appeal, finding that the CIT failed to demonstrate errors or prejudice to revenue in the assessment order. The ITAT upheld the allowances for 100% depreciation on cylinders, repairs of plant and machinery not owned by the factory, and security deposits as trading receipts. It concluded that the CIT's direction for a fresh assessment was unwarranted, as the original allowances were deemed justified based on the presented facts. The ITAT dismissed the variance between the grounds in the notice and the basis for setting aside the assessment as insignificant. Case-Laws Income Tax Tue, 28 May 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67086