https://www.taxtmi.com/caselaws?id=431578 The Tribunal quashed the revision order passed under section 263, stating that the original assessment order was not erroneous or prejudicial to the revenue's interest. The Assessee's claim for depreciation and additional depreciation on plant and machinery additions was upheld as the Assessing Officer had verified and approved the claim. The classification of capital work-in-progress and pre-operative expenses was deemed correct by the Tribunal, following necessary inquiries. The expenses were capitalized, making the issue of their allowance as revenue expenditure under section 37(1) moot. The Assessee's appeal was allowed, and another appeal was dismissed as infructuous. en-us Wed, 14 Dec 2022 00:00:00 +0530 Fri, 16 Dec 2022 09:40:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431578 The Tribunal quashed the revision order passed under section 263, stating that the original assessment order was not erroneous or prejudicial to the revenue's interest. The Assessee's claim for depreciation and additional depreciation on plant and machinery additions was upheld as the Assessing Officer had verified and approved the claim. The classification of capital work-in-progress and pre-operative expenses was deemed correct by the Tribunal, following necessary inquiries. The expenses were capitalized, making the issue of their allowance as revenue expenditure under section 37(1) moot. The Assessee's appeal was allowed, and another appeal was dismissed as infructuous. Case-Laws Income Tax Wed, 14 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431578