https://www.taxtmi.com/caselaws?id=448393 The ITAT Mumbai ruled in favor of the assessee regarding disallowance of spill-over additional depreciation under section 32(1)(iia) in assessment under sections 153C/153A. The tribunal held that since the original assessment under section 143(3)/144C(13) had allowed the depreciation claim and became final before the search, the AO could not reverse this decision without incriminating material found during search. For assessment year 2008-09, being an un-abated assessment, the AO's action of withdrawing previously allowed claims without seized materials was legally unsustainable. The CIT(A)'s decision was upheld. en-us Wed, 29 Nov 2023 00:00:00 +0530 Wed, 17 Jan 2024 23:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448393 The ITAT Mumbai ruled in favor of the assessee regarding disallowance of spill-over additional depreciation under section 32(1)(iia) in assessment under sections 153C/153A. The tribunal held that since the original assessment under section 143(3)/144C(13) had allowed the depreciation claim and became final before the search, the AO could not reverse this decision without incriminating material found during search. For assessment year 2008-09, being an un-abated assessment, the AO's action of withdrawing previously allowed claims without seized materials was legally unsustainable. The CIT(A)'s decision was upheld. Case-Laws Income Tax Wed, 29 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448393