https://www.taxtmi.com/caselaws?id=120588 The Appellate Tribunal allowed the appeal, emphasizing that the Assessing Officer's order could not be deemed erroneous solely due to differing interpretations between the CIT and Assessing Officer regarding the treatment of unabsorbed depreciation set off against profit. The Tribunal held that the CIT's revision under section 263 of the IT Act was not sustainable as the original order was not both erroneous and prejudicial to Revenue. Therefore, the Tribunal quashed the CIT's order. en-us Thu, 27 Mar 2008 00:00:00 +0530 Sat, 21 Jul 2012 14:14:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=120588 The Appellate Tribunal allowed the appeal, emphasizing that the Assessing Officer's order could not be deemed erroneous solely due to differing interpretations between the CIT and Assessing Officer regarding the treatment of unabsorbed depreciation set off against profit. The Tribunal held that the CIT's revision under section 263 of the IT Act was not sustainable as the original order was not both erroneous and prejudicial to Revenue. Therefore, the Tribunal quashed the CIT's order. Case-Laws Income Tax Thu, 27 Mar 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=120588