https://www.taxtmi.com/caselaws?id=764904 ITAT Ahmedabad partly allowed the appeal in a Section 263 revision case. On revenue recognition disallowance, the tribunal ruled in favor of the assessee, finding that PCIT failed to consider that balance revenue was recognized in subsequent years, causing no prejudice to revenue, and that AO had made adequate enquiries. However, regarding proportionate depreciation disallowance for let-out building portions, the tribunal upheld PCIT's revision, determining that AO's assessment was based on incorrect facts and lacked proper enquiry into the actual area let out versus used for business purposes. en-us Fri, 17 Jan 2025 00:00:00 +0530 Tue, 21 Jan 2025 09:16:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764904 ITAT Ahmedabad partly allowed the appeal in a Section 263 revision case. On revenue recognition disallowance, the tribunal ruled in favor of the assessee, finding that PCIT failed to consider that balance revenue was recognized in subsequent years, causing no prejudice to revenue, and that AO had made adequate enquiries. However, regarding proportionate depreciation disallowance for let-out building portions, the tribunal upheld PCIT's revision, determining that AO's assessment was based on incorrect facts and lacked proper enquiry into the actual area let out versus used for business purposes. Case-Laws Income Tax Fri, 17 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764904