https://www.taxtmi.com/caselaws?id=77657 The High Court allowed the Revenue's appeal against the Tribunal's order vacating the revisional order under section 263 of the Income-tax Act for the assessment year 1996-97. The Court held that depreciation for the theatre building could not be claimed in capital gains computation unless allowed under the Act, emphasizing the need for filing returns. The matter was remanded for completion of assessment in line with the Commissioner's order under section 263, granting the assessee the opportunity to contest issues in regular assessments and file further appeals if necessary. The Tribunal's decision was set aside, subject to specified terms. en-us Mon, 16 Jun 2008 00:00:00 +0530 Fri, 01 Oct 2010 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=77657 The High Court allowed the Revenue's appeal against the Tribunal's order vacating the revisional order under section 263 of the Income-tax Act for the assessment year 1996-97. The Court held that depreciation for the theatre building could not be claimed in capital gains computation unless allowed under the Act, emphasizing the need for filing returns. The matter was remanded for completion of assessment in line with the Commissioner's order under section 263, granting the assessee the opportunity to contest issues in regular assessments and file further appeals if necessary. The Tribunal's decision was set aside, subject to specified terms. Case-Laws Income Tax Mon, 16 Jun 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=77657