https://www.taxtmi.com/caselaws?id=242583 The ITAT overturned the CIT's order under Sec. 263 for A.Y. 2009-10, ruling in favor of the assessee. The ITAT found the AO's assessment allowing depreciation based on asset usage and business set up to be valid, emphasizing the need for actual errors of fact or law to revise orders. The disagreement between the CIT and AO on further enquiries for depreciation grant did not render the assessment erroneous or prejudicial to Revenue. The ITAT upheld the AO's assessment, highlighting the requirement for concrete errors impacting Revenue's interests for order revision under Sec. 263. en-us Fri, 10 Jan 2014 00:00:00 +0530 Tue, 14 Jan 2014 12:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=242583 The ITAT overturned the CIT's order under Sec. 263 for A.Y. 2009-10, ruling in favor of the assessee. The ITAT found the AO's assessment allowing depreciation based on asset usage and business set up to be valid, emphasizing the need for actual errors of fact or law to revise orders. The disagreement between the CIT and AO on further enquiries for depreciation grant did not render the assessment erroneous or prejudicial to Revenue. The ITAT upheld the AO's assessment, highlighting the requirement for concrete errors impacting Revenue's interests for order revision under Sec. 263. Case-Laws Income Tax Fri, 10 Jan 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=242583