https://www.taxtmi.com/caselaws?id=37956 The court ruled in favor of the petitioner, a public limited company, in a case involving ownership of a power line and eligibility for depreciation. The court quashed the Commissioner's order disallowing depreciation for the assessment year 1966-67, directing a reconsideration based on the petitioner's ownership contribution. Additionally, the court overturned the Commissioner's rejection of the condonation of delay in filing the revision application, emphasizing the need for sound judicial discretion. The court instructed the Commissioner to review the application on its merits, recognizing pursuing the appeal as a valid reason for the delay. en-us Thu, 16 Feb 1978 00:00:00 +0530 Fri, 02 Apr 2010 12:57:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37956 The court ruled in favor of the petitioner, a public limited company, in a case involving ownership of a power line and eligibility for depreciation. The court quashed the Commissioner's order disallowing depreciation for the assessment year 1966-67, directing a reconsideration based on the petitioner's ownership contribution. Additionally, the court overturned the Commissioner's rejection of the condonation of delay in filing the revision application, emphasizing the need for sound judicial discretion. The court instructed the Commissioner to review the application on its merits, recognizing pursuing the appeal as a valid reason for the delay. Case-Laws Income Tax Thu, 16 Feb 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37956