https://www.taxtmi.com/caselaws?id=69125 The court quashed the Commissioner of Income-tax's revision orders under section 263 of the Income-tax Act, 1961, as they were deemed barred by limitation. The court found that the CIT exceeded the permissible time limit for revising the Assessing Officer's order on depreciation for earthmoving machinery used in construction. The court ruled in favor of the appellant partnership concern, allowing depreciation on the machinery despite its use in constructing a hotel, emphasizing that its primary purpose was excavation, qualifying it for depreciation. en-us Tue, 24 Apr 2001 00:00:00 +0530 Tue, 05 Apr 2011 12:56:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69125 The court quashed the Commissioner of Income-tax's revision orders under section 263 of the Income-tax Act, 1961, as they were deemed barred by limitation. The court found that the CIT exceeded the permissible time limit for revising the Assessing Officer's order on depreciation for earthmoving machinery used in construction. The court ruled in favor of the appellant partnership concern, allowing depreciation on the machinery despite its use in constructing a hotel, emphasizing that its primary purpose was excavation, qualifying it for depreciation. Case-Laws Income Tax Tue, 24 Apr 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69125