https://www.taxtmi.com/caselaws?id=337905 The Tribunal ruled in favor of the assessee, holding that the order passed by the Principal Commissioner of Income-tax under section 263 was without jurisdiction as the assessment order was not erroneous or prejudicial to the revenue's interests. The Tribunal also determined that a CBDT Circular issued post-assessment could not be applied retrospectively. It upheld the assessee's eligibility for depreciation on assets developed under the BOT Scheme and rejected the concept of deferment of expenditure. Consequently, the Tribunal allowed the assessee's appeal, quashing the order passed under section 263. en-us Thu, 12 Jan 2017 00:00:00 +0530 Mon, 03 Apr 2017 10:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=337905 The Tribunal ruled in favor of the assessee, holding that the order passed by the Principal Commissioner of Income-tax under section 263 was without jurisdiction as the assessment order was not erroneous or prejudicial to the revenue's interests. The Tribunal also determined that a CBDT Circular issued post-assessment could not be applied retrospectively. It upheld the assessee's eligibility for depreciation on assets developed under the BOT Scheme and rejected the concept of deferment of expenditure. Consequently, the Tribunal allowed the assessee's appeal, quashing the order passed under section 263. Case-Laws Income Tax Thu, 12 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=337905