https://www.taxtmi.com/caselaws?id=182970 The Appellate Tribunal ruled in favor of the assessee, canceling the Commissioner's order under section 263 of the Income Tax Act for the assessment year 2008-09. The Tribunal held that the original assessment proceedings aligned with judicial decisions and constituted a reasonable interpretation of the law regarding the set off of unabsorbed depreciation. It emphasized that the Commissioner's order did not meet the criteria for invoking section 263 as the Assessing Officer's view was plausible and not erroneous. The decision underscored the importance of a valid interpretation of the law and the Assessing Officer's authority in tax assessments. en-us Thu, 26 Jul 2012 00:00:00 +0530 Thu, 15 Jun 2017 17:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=182970 The Appellate Tribunal ruled in favor of the assessee, canceling the Commissioner's order under section 263 of the Income Tax Act for the assessment year 2008-09. The Tribunal held that the original assessment proceedings aligned with judicial decisions and constituted a reasonable interpretation of the law regarding the set off of unabsorbed depreciation. It emphasized that the Commissioner's order did not meet the criteria for invoking section 263 as the Assessing Officer's view was plausible and not erroneous. The decision underscored the importance of a valid interpretation of the law and the Assessing Officer's authority in tax assessments. Case-Laws Income Tax Thu, 26 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=182970