https://www.taxtmi.com/caselaws?id=414720 The appeal challenged the revision order under section 263 of the Income-tax Act, 1961 for the assessment year 2010-11. The delay of 396 days in filing the appeal was condoned. The Ld. CIT (Exemptions) found errors in the assessment order related to disallowed depreciation and loan repayment claimed as application of income. The Tribunal referred to a Supreme Court decision regarding depreciation treatment and modified the direction on the loan repayment issue. The appeal was partly allowed, setting aside the Ld. CIT(Exemptions) order on depreciation and adjusting the direction on loan repayment. en-us Mon, 01 Nov 2021 00:00:00 +0530 Mon, 15 Nov 2021 09:10:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=414720 The appeal challenged the revision order under section 263 of the Income-tax Act, 1961 for the assessment year 2010-11. The delay of 396 days in filing the appeal was condoned. The Ld. CIT (Exemptions) found errors in the assessment order related to disallowed depreciation and loan repayment claimed as application of income. The Tribunal referred to a Supreme Court decision regarding depreciation treatment and modified the direction on the loan repayment issue. The appeal was partly allowed, setting aside the Ld. CIT(Exemptions) order on depreciation and adjusting the direction on loan repayment. Case-Laws Income Tax Mon, 01 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=414720