https://www.taxtmi.com/caselaws?id=407060 The court allowed the appeal in favor of the assessee, overturning the decisions of the Income Tax Appellate Tribunal and the Commissioner of Income Tax (Appeals). The court ruled in favor of the assessee on all issues, including the disallowance of depreciation claimed, non-allowance of set-off of excess application of income from previous assessment years, and the failure to consider binding decisions and objectionable remarks. The matter was remitted back to the Assessing Officer for fresh consideration in accordance with binding precedents, particularly the Matriseva Trust case, emphasizing the importance of adhering to judicial hierarchy and established legal principles. en-us Mon, 26 Apr 2021 00:00:00 +0530 Wed, 15 Sep 2021 17:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=407060 The court allowed the appeal in favor of the assessee, overturning the decisions of the Income Tax Appellate Tribunal and the Commissioner of Income Tax (Appeals). The court ruled in favor of the assessee on all issues, including the disallowance of depreciation claimed, non-allowance of set-off of excess application of income from previous assessment years, and the failure to consider binding decisions and objectionable remarks. The matter was remitted back to the Assessing Officer for fresh consideration in accordance with binding precedents, particularly the Matriseva Trust case, emphasizing the importance of adhering to judicial hierarchy and established legal principles. Case-Laws Income Tax Mon, 26 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=407060