https://www.taxtmi.com/caselaws?id=391424 The Court allowed the Writ Petition seeking a Writ of Certiorari to quash the impugned proceedings and notice under Section 148 of the Act. The Court relied on a Supreme Court decision discussing the allowability of depreciation on assets, affirming that depreciation can be a legitimate deduction in computing the real income of the assessee. The Court upheld the view taken by the Bombay High Court and declined to interfere, noting that most High Courts share a similar perspective. The Writ Petition was allowed without costs, and the connected writ miscellaneous petition was closed. en-us Tue, 07 Jan 2020 00:00:00 +0530 Tue, 28 Jan 2020 10:27:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=391424 The Court allowed the Writ Petition seeking a Writ of Certiorari to quash the impugned proceedings and notice under Section 148 of the Act. The Court relied on a Supreme Court decision discussing the allowability of depreciation on assets, affirming that depreciation can be a legitimate deduction in computing the real income of the assessee. The Court upheld the view taken by the Bombay High Court and declined to interfere, noting that most High Courts share a similar perspective. The Writ Petition was allowed without costs, and the connected writ miscellaneous petition was closed. Case-Laws Income Tax Tue, 07 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=391424