https://www.taxtmi.com/caselaws?id=442631 The Tribunal found that the claim of depreciation was valid and correct, with the explanation provided by the assessee deemed satisfactory. As the conditions for invoking Section 263 were not met, the Principal Commissioner of Income Tax was not allowed to proceed with the revision proceedings. Therefore, the order under Section 263 was quashed, and the appeal of the assessee was allowed. en-us Wed, 30 Aug 2023 00:00:00 +0530 Wed, 06 Sep 2023 08:50:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=442631 The Tribunal found that the claim of depreciation was valid and correct, with the explanation provided by the assessee deemed satisfactory. As the conditions for invoking Section 263 were not met, the Principal Commissioner of Income Tax was not allowed to proceed with the revision proceedings. Therefore, the order under Section 263 was quashed, and the appeal of the assessee was allowed. Case-Laws Income Tax Wed, 30 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=442631