https://www.taxtmi.com/caselaws?id=763061 The ITAT Mumbai quashed a revision order under Section 263 regarding depreciation claims on intangible assets. The tribunal found that the assessee had complied with scrutiny assessment proceedings and provided all supporting documents, which were verified and accepted by the AO within the limited scrutiny framework. The PCIT could not re-examine issues already considered during scrutiny assessment, as established in Mind Sports League case. The depreciation eligibility was supported by the SC decision in Smif Securities Limited. The tribunal held that neither condition for Section 263 revision was satisfied - the assessment order was neither erroneous nor prejudicial to revenue interests. The assessee's appeal was allowed. en-us Mon, 09 Dec 2024 00:00:00 +0530 Wed, 11 Dec 2024 19:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763061 The ITAT Mumbai quashed a revision order under Section 263 regarding depreciation claims on intangible assets. The tribunal found that the assessee had complied with scrutiny assessment proceedings and provided all supporting documents, which were verified and accepted by the AO within the limited scrutiny framework. The PCIT could not re-examine issues already considered during scrutiny assessment, as established in Mind Sports League case. The depreciation eligibility was supported by the SC decision in Smif Securities Limited. The tribunal held that neither condition for Section 263 revision was satisfied - the assessment order was neither erroneous nor prejudicial to revenue interests. The assessee's appeal was allowed. Case-Laws Income Tax Mon, 09 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763061