https://www.taxtmi.com/caselaws?id=759383 ITAT Ahmedabad allowed the assessee's appeal against PCIT's revision order u/s 263. PCIT contended AO failed to disallow unpaid leave salary u/s 43B and verify depreciation claims. ITAT held AO properly examined records during assessment. Unpaid leave salary was disclosed as liability, not claimed as deduction. Only paid amounts were claimed in P&L account. AO appropriately relied on certified tax audit report u/s 44AB without adverse remarks. Even if disallowances were made, tax effect would be nil due to available s.80IA deduction of Rs.17,43,55,892/- against gross income of Rs.12,04,36,098/-. Assessment order was neither erroneous nor prejudicial to revenue's interest. Revision u/s 263 was unjustified. en-us Fri, 27 Sep 2024 00:00:00 +0530 Mon, 30 Sep 2024 13:45:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759383 ITAT Ahmedabad allowed the assessee's appeal against PCIT's revision order u/s 263. PCIT contended AO failed to disallow unpaid leave salary u/s 43B and verify depreciation claims. ITAT held AO properly examined records during assessment. Unpaid leave salary was disclosed as liability, not claimed as deduction. Only paid amounts were claimed in P&L account. AO appropriately relied on certified tax audit report u/s 44AB without adverse remarks. Even if disallowances were made, tax effect would be nil due to available s.80IA deduction of Rs.17,43,55,892/- against gross income of Rs.12,04,36,098/-. Assessment order was neither erroneous nor prejudicial to revenue's interest. Revision u/s 263 was unjustified. Case-Laws Income Tax Fri, 27 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759383