https://www.taxtmi.com/caselaws?id=757114 The ITAT Kolkata quashed a revision order u/s 263 where the CIT held that the AO failed to add back an amount related to tangible fixed assets adjustment despite auditor's recommendations. The ITAT found that the AO had properly considered the ICDS-V implications for tangible fixed assets, as evidenced by the audited financial statements and audit report filed with the return. The AO had examined the assessee's explanation regarding depreciation calculations and dropped the matter after due consideration, while making additions for other ICDS-V issues related to foreign exchange rates. The ITAT concluded the CIT's order was based on an erroneous premise and failed to consider the audit report details, demonstrating the AO had applied his mind appropriately. en-us Wed, 07 Aug 2024 00:00:00 +0530 Fri, 16 Aug 2024 08:19:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757114 The ITAT Kolkata quashed a revision order u/s 263 where the CIT held that the AO failed to add back an amount related to tangible fixed assets adjustment despite auditor's recommendations. The ITAT found that the AO had properly considered the ICDS-V implications for tangible fixed assets, as evidenced by the audited financial statements and audit report filed with the return. The AO had examined the assessee's explanation regarding depreciation calculations and dropped the matter after due consideration, while making additions for other ICDS-V issues related to foreign exchange rates. The ITAT concluded the CIT's order was based on an erroneous premise and failed to consider the audit report details, demonstrating the AO had applied his mind appropriately. Case-Laws Income Tax Wed, 07 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757114