https://www.taxtmi.com/caselaws?id=347277 The tribunal allowed the appeals in favor of the assessee, holding that the Principal Commissioner of Income Tax was not justified in invoking Section 263 of the Income-Tax Act to revise the order passed by the Deputy Commissioner. The tribunal ruled that there was no merit in declining the claim of additional depreciation to be carried forward, citing judicial pronouncements supporting the assessee's position. The eligibility to carry forward and set off additional depreciation to the subsequent year was affirmed based on previous court decisions. en-us Wed, 23 Aug 2017 00:00:00 +0530 Fri, 01 Sep 2017 18:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=347277 The tribunal allowed the appeals in favor of the assessee, holding that the Principal Commissioner of Income Tax was not justified in invoking Section 263 of the Income-Tax Act to revise the order passed by the Deputy Commissioner. The tribunal ruled that there was no merit in declining the claim of additional depreciation to be carried forward, citing judicial pronouncements supporting the assessee's position. The eligibility to carry forward and set off additional depreciation to the subsequent year was affirmed based on previous court decisions. Case-Laws Income Tax Wed, 23 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=347277