https://www.taxtmi.com/caselaws?id=771517 The ITAT Ahmedabad allowed the assessee's appeal against PCIT's revision order u/s 263. The Tribunal held that the AO's assessment order was not erroneous or prejudicial to revenue interests. Key findings: depreciation on goodwill from HC-sanctioned amalgamation was validly allowed based on prior ITAT decision; carry forward of unabsorbed depreciation was legally permissible; section 80IA deduction was properly examined by AO; and addition u/s 28 for unexplained loan repayment was appropriate. The PCIT failed to demonstrate any legal error or revenue prejudice, making revision jurisdiction unsustainable under established SC precedent requiring both conditions to be cumulatively satisfied. en-us Fri, 23 May 2025 00:00:00 +0530 Fri, 10 Apr 2026 18:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=771517 The ITAT Ahmedabad allowed the assessee's appeal against PCIT's revision order u/s 263. The Tribunal held that the AO's assessment order was not erroneous or prejudicial to revenue interests. Key findings: depreciation on goodwill from HC-sanctioned amalgamation was validly allowed based on prior ITAT decision; carry forward of unabsorbed depreciation was legally permissible; section 80IA deduction was properly examined by AO; and addition u/s 28 for unexplained loan repayment was appropriate. The PCIT failed to demonstrate any legal error or revenue prejudice, making revision jurisdiction unsustainable under established SC precedent requiring both conditions to be cumulatively satisfied. Case-Laws Income Tax Fri, 23 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=771517