https://www.taxtmi.com/caselaws?id=458668 The HC dismissed the writ petition challenging the assessment order under Sec. 147/148 of the Income Tax Act, 1961. The Assessee's claim for 50% depreciation on a building as a temporary structure was rejected, with the AO limiting it to 10%, citing Rule 5 of the Income Tax Rules, 1962. The court upheld the AO's decision, noting the petition was time-barred under Art. 226 and found no grounds for interference, affirming the AO's interpretation and application of the depreciation rules. en-us Tue, 25 Jul 2023 00:00:00 +0530 Tue, 12 Nov 2024 19:18:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=458668 The HC dismissed the writ petition challenging the assessment order under Sec. 147/148 of the Income Tax Act, 1961. The Assessee's claim for 50% depreciation on a building as a temporary structure was rejected, with the AO limiting it to 10%, citing Rule 5 of the Income Tax Rules, 1962. The court upheld the AO's decision, noting the petition was time-barred under Art. 226 and found no grounds for interference, affirming the AO's interpretation and application of the depreciation rules. Case-Laws Income Tax Tue, 25 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=458668