https://www.taxtmi.com/caselaws?id=759481 ITAT Ahmedabad partly allowed assessee's appeal against PCIT's revision order u/s 263. The tribunal held that allowing prior period depreciation claim was tax neutral as assessee paid taxes at fixed rate in all preceding years, and disallowing depreciation would only generate equivalent refund without revenue loss. Since no prejudice was caused to revenue, revision on depreciation issue was unwarranted. However, ITAT confirmed PCIT's finding that assessment order was erroneous regarding non-examination of TDS on rent expenses, though subsequent assessment showed no addition was made as TDS was properly deducted on applicable amounts. en-us Wed, 04 Sep 2024 00:00:00 +0530 Thu, 03 Oct 2024 07:50:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759481 ITAT Ahmedabad partly allowed assessee's appeal against PCIT's revision order u/s 263. The tribunal held that allowing prior period depreciation claim was tax neutral as assessee paid taxes at fixed rate in all preceding years, and disallowing depreciation would only generate equivalent refund without revenue loss. Since no prejudice was caused to revenue, revision on depreciation issue was unwarranted. However, ITAT confirmed PCIT's finding that assessment order was erroneous regarding non-examination of TDS on rent expenses, though subsequent assessment showed no addition was made as TDS was properly deducted on applicable amounts. Case-Laws Income Tax Wed, 04 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759481