https://www.taxtmi.com/caselaws?id=271185 The Tribunal upheld the Ld. CIT(A)'s decision to allow depreciation on revalued assets acquired during succession for the assessment years 2005-06 & 2006-07. It emphasized compliance with Sec. 47(xiii) conditions for asset transfer during succession, supporting the successor company's entitlement to depreciation based on actual cost incurred. The Tribunal highlighted the importance of a registered valuer's report in asset valuation and rejected the Assessing Officer's objections against the depreciation claim. Judicial precedents were cited to reinforce the depreciation claim and the necessity for the AO to provide substantial evidence to challenge the valuation report. en-us Wed, 14 Oct 2015 00:00:00 +0530 Fri, 29 Jan 2016 17:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=271185 The Tribunal upheld the Ld. CIT(A)'s decision to allow depreciation on revalued assets acquired during succession for the assessment years 2005-06 & 2006-07. It emphasized compliance with Sec. 47(xiii) conditions for asset transfer during succession, supporting the successor company's entitlement to depreciation based on actual cost incurred. The Tribunal highlighted the importance of a registered valuer's report in asset valuation and rejected the Assessing Officer's objections against the depreciation claim. Judicial precedents were cited to reinforce the depreciation claim and the necessity for the AO to provide substantial evidence to challenge the valuation report. Case-Laws Income Tax Wed, 14 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=271185