https://www.taxtmi.com/caselaws?id=218006 The Appellate Tribunal ITAT, Ahmedabad, ruled in favor of the assessee, quashing the order passed by the CIT under section 263 of the IT Act for the assessment year 2007-08. The Tribunal held that the CIT erred in revising the order as the A.O.'s decision on the allowance of set-off of unabsorbed depreciation and the treatment of the BIFR registered company was not erroneous or prejudicial to revenue. The Tribunal emphasized that the A.O.'s actions were within the permissible legal framework, leading to the disposal of the appeal in favor of the assessee. en-us Fri, 19 Oct 2012 00:00:00 +0530 Wed, 31 Oct 2012 13:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=218006 The Appellate Tribunal ITAT, Ahmedabad, ruled in favor of the assessee, quashing the order passed by the CIT under section 263 of the IT Act for the assessment year 2007-08. The Tribunal held that the CIT erred in revising the order as the A.O.'s decision on the allowance of set-off of unabsorbed depreciation and the treatment of the BIFR registered company was not erroneous or prejudicial to revenue. The Tribunal emphasized that the A.O.'s actions were within the permissible legal framework, leading to the disposal of the appeal in favor of the assessee. Case-Laws Income Tax Fri, 19 Oct 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=218006