https://www.taxtmi.com/caselaws?id=288156 The Tribunal set aside the CIT's order under Section 263 of the Income Tax Act, ruling in favor of the appellant. It was determined that the Assessing Officer had properly considered the facts and correctly allowed depreciation on leased assets owned by the appellant, an industrial company. The Tribunal found that the AO had conducted a thorough inquiry and applied his mind, leading to the allowance of the depreciation claim. Consequently, the CIT's order was deemed incorrect, and the appellant's appeal was successful. en-us Wed, 08 Mar 2017 00:00:00 +0530 Sat, 23 May 2020 10:14:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=288156 The Tribunal set aside the CIT's order under Section 263 of the Income Tax Act, ruling in favor of the appellant. It was determined that the Assessing Officer had properly considered the facts and correctly allowed depreciation on leased assets owned by the appellant, an industrial company. The Tribunal found that the AO had conducted a thorough inquiry and applied his mind, leading to the allowance of the depreciation claim. Consequently, the CIT's order was deemed incorrect, and the appellant's appeal was successful. Case-Laws Income Tax Wed, 08 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=288156