https://www.taxtmi.com/caselaws?id=424177 The Tribunal reversed the CIT(A)'s decision and upheld the AO's disallowance of depreciation on shares purchased by the assessee, ruling that shares do not qualify as depreciable intangible assets under Section 32(1)(ii) of the Income Tax Act. The principle of consistency was deemed inapplicable due to the nature of previous assessments. As a result, the appeals for the relevant assessment years were decided in favor of the Revenue. en-us Mon, 20 Jun 2022 00:00:00 +0530 Thu, 23 Jun 2022 15:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424177 The Tribunal reversed the CIT(A)'s decision and upheld the AO's disallowance of depreciation on shares purchased by the assessee, ruling that shares do not qualify as depreciable intangible assets under Section 32(1)(ii) of the Income Tax Act. The principle of consistency was deemed inapplicable due to the nature of previous assessments. As a result, the appeals for the relevant assessment years were decided in favor of the Revenue. Case-Laws Income Tax Mon, 20 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424177