https://www.taxtmi.com/caselaws?id=295047 The appeal against the order of the Commissioner of Income Tax (CIT) under section 263 for the assessment year 2007-08 was dismissed. The Income Tax Appellate Tribunal (ITAT) upheld the CIT's decision, noting discrepancies in the assessee's income computation and affirming the CIT's application of a previous apex court judgment. Despite the assessee's argument that the business had commenced without revenue due to existing infrastructure, the ITAT confirmed the CIT's order directing verification of depreciation claim, capitalization of expenses, and other financial matters. en-us Fri, 08 Jun 2012 00:00:00 +0530 Mon, 17 May 2021 14:50:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=295047 The appeal against the order of the Commissioner of Income Tax (CIT) under section 263 for the assessment year 2007-08 was dismissed. The Income Tax Appellate Tribunal (ITAT) upheld the CIT's decision, noting discrepancies in the assessee's income computation and affirming the CIT's application of a previous apex court judgment. Despite the assessee's argument that the business had commenced without revenue due to existing infrastructure, the ITAT confirmed the CIT's order directing verification of depreciation claim, capitalization of expenses, and other financial matters. Case-Laws Income Tax Fri, 08 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=295047