https://www.taxtmi.com/highlights?id=92409 In revision under s. 263, PCIT contended the assessment was erroneous for allowing depreciation on opening WDV without first setting off brought-forward additional depreciation from the preceding year. ITAT reversed, holding there is no statutory requirement to reduce opening WDV by carried-forward additional depreciation before computing current-year depreciation; depreciation is to be computed by applying the prescribed rate to the asset's opening WDV. Consequently, the PCIT's conclusion of error in the AO's assessment was erroneous. The assessment stands as passed, the s. 263 revision direction quashed, and the assessee's appeal is allowed. en-us Thu, 11 Sep 2025 08:29:24 +0530 Thu, 11 Sep 2025 08:29:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=92409 In revision under s. 263, PCIT contended the assessment was erroneous for allowing depreciation on opening WDV without first setting off brought-forward additional depreciation from the preceding year. ITAT reversed, holding there is no statutory requirement to reduce opening WDV by carried-forward additional depreciation before computing current-year depreciation; depreciation is to be computed by applying the prescribed rate to the asset's opening WDV. Consequently, the PCIT's conclusion of error in the AO's assessment was erroneous. The assessment stands as passed, the s. 263 revision direction quashed, and the assessee's appeal is allowed. Highlights Income Tax Thu, 11 Sep 2025 08:29:24 +0530 https://www.taxtmi.com/highlights?id=92409