https://www.taxtmi.com/caselaws?id=328547 The Tribunal ruled in favor of the assessee, a charitable trust, allowing depreciation claimed on assets despite prior capital expenditure claims. The Tribunal held that the CIT's revision order under Section 263 of the Income Tax Act was unjustified as the AO's decision was supported by legal views and jurisdictional High Court rulings. The Tribunal emphasized adherence to judicial discipline and the binding nature of High Court decisions, ultimately quashing the CIT's order and dismissing the stay application. en-us Wed, 01 Jun 2016 00:00:00 +0530 Tue, 07 Jun 2016 11:42:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=328547 The Tribunal ruled in favor of the assessee, a charitable trust, allowing depreciation claimed on assets despite prior capital expenditure claims. The Tribunal held that the CIT's revision order under Section 263 of the Income Tax Act was unjustified as the AO's decision was supported by legal views and jurisdictional High Court rulings. The Tribunal emphasized adherence to judicial discipline and the binding nature of High Court decisions, ultimately quashing the CIT's order and dismissing the stay application. Case-Laws Income Tax Wed, 01 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=328547