https://www.taxtmi.com/caselaws?id=774376 ITAT Ahmedabad allowed assessee's appeal against PCIT's revision order u/s 263 regarding excess set-off of brought forward unabsorbed depreciation losses. Tribunal held that AO had conducted detailed inquiries and allowed only Rs. 16.38 crore set-off pertaining to eligible A.Y. 2018-19 depreciation, not the alleged Rs. 48.03 crore. Assessment order resulted from conscious examination and application of mind, not mechanical allowance. PCIT failed to establish both conditions for invoking section 263 - order being erroneous and prejudicial to revenue interest. AO's prior initiation of section 154 proceedings for same issue demonstrated conscious consideration, making PCIT's jurisdiction assumption unsustainable. en-us Fri, 04 Jul 2025 00:00:00 +0530 Tue, 08 Jul 2025 08:36:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=774376 ITAT Ahmedabad allowed assessee's appeal against PCIT's revision order u/s 263 regarding excess set-off of brought forward unabsorbed depreciation losses. Tribunal held that AO had conducted detailed inquiries and allowed only Rs. 16.38 crore set-off pertaining to eligible A.Y. 2018-19 depreciation, not the alleged Rs. 48.03 crore. Assessment order resulted from conscious examination and application of mind, not mechanical allowance. PCIT failed to establish both conditions for invoking section 263 - order being erroneous and prejudicial to revenue interest. AO's prior initiation of section 154 proceedings for same issue demonstrated conscious consideration, making PCIT's jurisdiction assumption unsustainable. Case-Laws Income Tax Fri, 04 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=774376