https://www.taxtmi.com/caselaws?id=219585 The tribunal overturned the Commissioner of Income Tax's decision under section 263 of the Income Tax Act for the assessment year 2006-07. It held that there was no error prejudicial to revenue in the original assessment order, deeming the CIT's decision unwarranted. The dispute over the disallowed 100% depreciation on centering material was resolved in favor of the appellant, who claimed the depreciation in good faith. The tribunal found the CIT's reliance on a High Court judgment to set aside the assessment due to non-initiation of penalty proceedings unjustified, directing the CIT to determine penalty imposition after a hearing. en-us Wed, 18 Jul 2012 00:00:00 +0530 Tue, 11 Sep 2012 17:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=219585 The tribunal overturned the Commissioner of Income Tax's decision under section 263 of the Income Tax Act for the assessment year 2006-07. It held that there was no error prejudicial to revenue in the original assessment order, deeming the CIT's decision unwarranted. The dispute over the disallowed 100% depreciation on centering material was resolved in favor of the appellant, who claimed the depreciation in good faith. The tribunal found the CIT's reliance on a High Court judgment to set aside the assessment due to non-initiation of penalty proceedings unjustified, directing the CIT to determine penalty imposition after a hearing. Case-Laws Income Tax Wed, 18 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=219585