https://www.taxtmi.com/caselaws?id=269250 The Tribunal set aside the Principal CIT's order under section 263 and restored that of the A.O., allowing the assessee's appeal and affirming the eligibility for depreciation at 50% on new commercial vehicles as per the Rules. The Tribunal found that the Principal CIT erred in denying the valid claim for depreciation and emphasized the importance of factual accuracy and legal adherence in such decisions to ensure legitimate claims are rightfully allowed. en-us Fri, 09 Oct 2015 00:00:00 +0530 Fri, 27 Nov 2015 19:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=269250 The Tribunal set aside the Principal CIT's order under section 263 and restored that of the A.O., allowing the assessee's appeal and affirming the eligibility for depreciation at 50% on new commercial vehicles as per the Rules. The Tribunal found that the Principal CIT erred in denying the valid claim for depreciation and emphasized the importance of factual accuracy and legal adherence in such decisions to ensure legitimate claims are rightfully allowed. Case-Laws Income Tax Fri, 09 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=269250