https://www.taxtmi.com/caselaws?id=411933 The Tribunal allowed the assessee's appeal, holding that the Assessing Officer's order was erroneous in relation to the deduction under section 32AC of the Income Tax Act. The Tribunal determined that the deduction should be allowed based on the date of installation of new assets, not just the date of acquisition. Additionally, the Commissioner of Income Tax's invocation of section 263 was deemed unjustified as the AO's decision was considered a possible view. The Tribunal directed the AO to re-examine the evidence and grant the deduction under section 32AC accordingly, setting aside the CIT's restrictive direction on the claim period. en-us Wed, 01 Sep 2021 00:00:00 +0530 Tue, 07 Sep 2021 15:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=411933 The Tribunal allowed the assessee's appeal, holding that the Assessing Officer's order was erroneous in relation to the deduction under section 32AC of the Income Tax Act. The Tribunal determined that the deduction should be allowed based on the date of installation of new assets, not just the date of acquisition. Additionally, the Commissioner of Income Tax's invocation of section 263 was deemed unjustified as the AO's decision was considered a possible view. The Tribunal directed the AO to re-examine the evidence and grant the deduction under section 32AC accordingly, setting aside the CIT's restrictive direction on the claim period. Case-Laws Income Tax Wed, 01 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=411933