https://www.taxtmi.com/caselaws?id=178200 The Tribunal annulled the CIT's order under section 263, affirming that the assessment order had merged with the CIT(A)'s order concerning the deduction under section 80HHC. It held that depreciation is mandatory when claiming deductions under Chapter VI-A, aligning with the jurisdictional High Court's decision. Additionally, the Tribunal disagreed with the CIT's stance on section 80HHC, emphasizing that even without positive export profits, deductions should account for export incentives. Consequently, the Tribunal allowed the assessee's appeal, confirming the CIT's misinterpretation of depreciation and section 80HHC deductions. en-us Wed, 21 Apr 2004 00:00:00 +0530 Sat, 13 Jul 2024 13:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=178200 The Tribunal annulled the CIT's order under section 263, affirming that the assessment order had merged with the CIT(A)'s order concerning the deduction under section 80HHC. It held that depreciation is mandatory when claiming deductions under Chapter VI-A, aligning with the jurisdictional High Court's decision. Additionally, the Tribunal disagreed with the CIT's stance on section 80HHC, emphasizing that even without positive export profits, deductions should account for export incentives. Consequently, the Tribunal allowed the assessee's appeal, confirming the CIT's misinterpretation of depreciation and section 80HHC deductions. Case-Laws Income Tax Wed, 21 Apr 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178200