https://www.taxtmi.com/caselaws?id=384361 The Tribunal upheld the ld. PCIT's decision to revise the assessment order under section 263 of the Income Tax Act for the assessment year 2013-14. The appeal was dismissed as the Assessing Officer allowed significant depreciation without proper verification, leading to an erroneous and prejudicial assessment. The claim of 80% depreciation on windmills lacked merit as ownership and utilization are necessary for claiming depreciation. The deficient assessment order lacked thorough examination, justifying the revision and directive for reassessment to address critical aspects of the depreciation claim. en-us Wed, 26 Jun 2019 00:00:00 +0530 Mon, 12 Aug 2019 07:55:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=384361 The Tribunal upheld the ld. PCIT's decision to revise the assessment order under section 263 of the Income Tax Act for the assessment year 2013-14. The appeal was dismissed as the Assessing Officer allowed significant depreciation without proper verification, leading to an erroneous and prejudicial assessment. The claim of 80% depreciation on windmills lacked merit as ownership and utilization are necessary for claiming depreciation. The deficient assessment order lacked thorough examination, justifying the revision and directive for reassessment to address critical aspects of the depreciation claim. Case-Laws Income Tax Wed, 26 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=384361