https://www.taxtmi.com/caselaws?id=456862 The ITAT Kolkata allowed the assessee's appeal against revision proceedings under section 263. The revenue authority initiated revision claiming lease charges for gas pipelines were not allowable deductions as they were not passed through the P&L Account but shown in the Balance Sheet. The ITAT found that depreciation and amortization on leased equipment were properly charged in the audited financial statements and adjusted while computing business income. The tribunal held that without adequate foundation showing the Assessing Officer's decision was both erroneous and prejudicial to revenue, the suo motu revision power cannot be exercised. The revision order was unsustainable. en-us Fri, 23 Jun 2023 00:00:00 +0530 Wed, 21 Aug 2024 19:54:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456862 The ITAT Kolkata allowed the assessee's appeal against revision proceedings under section 263. The revenue authority initiated revision claiming lease charges for gas pipelines were not allowable deductions as they were not passed through the P&L Account but shown in the Balance Sheet. The ITAT found that depreciation and amortization on leased equipment were properly charged in the audited financial statements and adjusted while computing business income. The tribunal held that without adequate foundation showing the Assessing Officer's decision was both erroneous and prejudicial to revenue, the suo motu revision power cannot be exercised. The revision order was unsustainable. Case-Laws Income Tax Fri, 23 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456862