https://www.taxtmi.com/caselaws?id=750711 HC held that the Tribunal correctly found the assessment order not to be erroneous or prejudicial to Revenue, having concluded depreciation was claimed in accordance with the Act and that the AO had carried out appropriate scrutiny. The HC agreed the CBDT instruction relied upon by the PCIT was inapplicable as the case did not involve brought forward losses or unabsorbed depreciation. Accordingly, revision under section 263 was not warranted and no substantial question of law arose. en-us Mon, 18 Mar 2024 00:00:00 +0530 Sat, 20 Sep 2025 12:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=750711 HC held that the Tribunal correctly found the assessment order not to be erroneous or prejudicial to Revenue, having concluded depreciation was claimed in accordance with the Act and that the AO had carried out appropriate scrutiny. The HC agreed the CBDT instruction relied upon by the PCIT was inapplicable as the case did not involve brought forward losses or unabsorbed depreciation. Accordingly, revision under section 263 was not warranted and no substantial question of law arose. Case-Laws Income Tax Mon, 18 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=750711