https://www.taxtmi.com/caselaws?id=752583 ITAT Kolkata allowed the assessee's appeal against CIT's revision order u/s 263. The tribunal held that provision for non-performing assets (NPA) cannot be disallowed while computing book profits u/s 115JB as it doesn't reduce asset value under clause (i) of Explanation 1. Regarding additional depreciation on windmill, balance 10% can be claimed in subsequent year when machinery operates less than 180 days. For short-term capital loss on land transfer, CIT cannot substitute his view for AO's assessment unless patently unsustainable in law. The revision order was deemed erroneous. en-us Thu, 25 Jan 2024 00:00:00 +0530 Mon, 13 May 2024 15:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752583 ITAT Kolkata allowed the assessee's appeal against CIT's revision order u/s 263. The tribunal held that provision for non-performing assets (NPA) cannot be disallowed while computing book profits u/s 115JB as it doesn't reduce asset value under clause (i) of Explanation 1. Regarding additional depreciation on windmill, balance 10% can be claimed in subsequent year when machinery operates less than 180 days. For short-term capital loss on land transfer, CIT cannot substitute his view for AO's assessment unless patently unsustainable in law. The revision order was deemed erroneous. Case-Laws Income Tax Thu, 25 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752583