https://www.taxtmi.com/caselaws?id=381739 The High Court upheld the Tribunal's decision regarding the interpretation of Section 263 of the Income Tax Act, 1961, emphasizing that the order allowing depreciation at 50% on a new motorcar was not erroneous. The Court found the Commissioner's order under Section 263 invalid, as it lacked proper grounds and jurisdiction to revise the assessment order. Consequently, the Court dismissed the appeal, highlighting the importance of valid jurisdiction and adherence to legal provisions and precedents in tax matters. en-us Wed, 12 Jun 2019 00:00:00 +0530 Tue, 18 Jun 2019 05:51:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=381739 The High Court upheld the Tribunal's decision regarding the interpretation of Section 263 of the Income Tax Act, 1961, emphasizing that the order allowing depreciation at 50% on a new motorcar was not erroneous. The Court found the Commissioner's order under Section 263 invalid, as it lacked proper grounds and jurisdiction to revise the assessment order. Consequently, the Court dismissed the appeal, highlighting the importance of valid jurisdiction and adherence to legal provisions and precedents in tax matters. Case-Laws Income Tax Wed, 12 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=381739