https://www.taxtmi.com/caselaws?id=302413 The Court upheld the decision of the Tribunal and dismissed the Revenue's challenge regarding the adjustment of extra depreciation on a furnace under Section 260A of the Income Tax Act, 1961. The Court found that the change in depreciation method was permissible and in compliance with the Companies Act, rejecting the Revenue's argument of it being a colorable device to reduce tax incidence. The Court emphasized that the Assessing Officer's power under Section 115JA is limited and that the assessee had followed the relevant legal provisions and established principles, leading to the disposal of the appeal. en-us Mon, 11 Aug 2008 00:00:00 +0530 Tue, 24 May 2022 11:54:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=302413 The Court upheld the decision of the Tribunal and dismissed the Revenue's challenge regarding the adjustment of extra depreciation on a furnace under Section 260A of the Income Tax Act, 1961. The Court found that the change in depreciation method was permissible and in compliance with the Companies Act, rejecting the Revenue's argument of it being a colorable device to reduce tax incidence. The Court emphasized that the Assessing Officer's power under Section 115JA is limited and that the assessee had followed the relevant legal provisions and established principles, leading to the disposal of the appeal. Case-Laws Income Tax Mon, 11 Aug 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=302413