https://www.taxtmi.com/caselaws?id=434297 The HC dismissed the appeal by the Income Tax Department, affirming the ITAT's decision to quash the revisionary order under Section 263 and the related reassessment proceedings. The court emphasized that the CIT (E) failed to conduct a minimal enquiry and did not provide adequate opportunity to the assessee. Furthermore, the HC upheld the ITAT's allowance of depreciation on assets, adhering to the principle of consistency, as the cost of these assets had been previously allowed as application of income under Section 11. en-us Tue, 14 Feb 2023 00:00:00 +0530 Mon, 27 Nov 2023 10:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=434297 The HC dismissed the appeal by the Income Tax Department, affirming the ITAT's decision to quash the revisionary order under Section 263 and the related reassessment proceedings. The court emphasized that the CIT (E) failed to conduct a minimal enquiry and did not provide adequate opportunity to the assessee. Furthermore, the HC upheld the ITAT's allowance of depreciation on assets, adhering to the principle of consistency, as the cost of these assets had been previously allowed as application of income under Section 11. Case-Laws Income Tax Tue, 14 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=434297