https://www.taxtmi.com/caselaws?id=431723 The ITAT ruled in favor of the assessee, holding that the PCIT's revision of the assessment order under Sec.263 was unwarranted. The ITAT emphasized the importance of proper enquiry by the AO and clarified the treatment of unabsorbed depreciation in cases where no current year income exists. en-us Fri, 02 Dec 2022 00:00:00 +0530 Tue, 20 Dec 2022 16:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431723 The ITAT ruled in favor of the assessee, holding that the PCIT's revision of the assessment order under Sec.263 was unwarranted. The ITAT emphasized the importance of proper enquiry by the AO and clarified the treatment of unabsorbed depreciation in cases where no current year income exists. Case-Laws Income Tax Fri, 02 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431723