https://www.taxtmi.com/caselaws?id=216096 The tribunal set aside the CIT's order under section 263, ruling in favor of the assessee. It held that the AO's decision to allow depreciation on assets written off, discarded, or sold was not erroneous or prejudicial to revenue. The tribunal emphasized that depreciation is allowable on the block of assets, irrespective of individual asset use. It found the AO's inquiry regarding the depreciation claim adequate and concluded that the CIT's invocation of section 263 was unjustified. The appeal was allowed in favor of the assessee. en-us Fri, 08 Jun 2012 00:00:00 +0530 Sat, 25 Aug 2012 13:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216096 The tribunal set aside the CIT's order under section 263, ruling in favor of the assessee. It held that the AO's decision to allow depreciation on assets written off, discarded, or sold was not erroneous or prejudicial to revenue. The tribunal emphasized that depreciation is allowable on the block of assets, irrespective of individual asset use. It found the AO's inquiry regarding the depreciation claim adequate and concluded that the CIT's invocation of section 263 was unjustified. The appeal was allowed in favor of the assessee. Case-Laws Income Tax Fri, 08 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216096