https://www.taxtmi.com/caselaws?id=181231 The Tribunal overturned the CIT's order under section 263 of the IT Act directing re-assessment. It held that the assessing officer had properly applied his mind in allowing depreciation on lease hold land as an intangible asset, dismissing the CIT's argument of inadequate inquiry. The Tribunal emphasized the assessing authority's discretion in adopting a view and ruled that the CIT lacked power to revise the assessment order as there was no lack of application of mind by the AO. This case underscores the significance of the assessing authority's diligence in decision-making and the restricted scope of CIT's revision powers under section 263. en-us Wed, 28 Dec 2011 00:00:00 +0530 Mon, 11 Apr 2016 15:05:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181231 The Tribunal overturned the CIT's order under section 263 of the IT Act directing re-assessment. It held that the assessing officer had properly applied his mind in allowing depreciation on lease hold land as an intangible asset, dismissing the CIT's argument of inadequate inquiry. The Tribunal emphasized the assessing authority's discretion in adopting a view and ruled that the CIT lacked power to revise the assessment order as there was no lack of application of mind by the AO. This case underscores the significance of the assessing authority's diligence in decision-making and the restricted scope of CIT's revision powers under section 263. Case-Laws Income Tax Wed, 28 Dec 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181231