https://www.taxtmi.com/caselaws?id=55362 The Tribunal set aside the Commissioner's order and allowed the company's appeal, affirming the validity of the initial depreciation claim for machinery used in cotton textile production. The Tribunal found that the company's data supported its claim for initial depreciation on machinery predominantly used for cotton textile manufacturing, emphasizing the significant percentage of cotton consumption and textile production by the company. The Tribunal concluded that the Commissioner's intervention under section 263 was unfounded, as the Income Tax Officer had already examined the production composition during the original assessment, aligning with the company's assertions. en-us Mon, 16 Mar 1981 00:00:00 +0530 Fri, 26 Nov 2010 16:07:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55362 The Tribunal set aside the Commissioner's order and allowed the company's appeal, affirming the validity of the initial depreciation claim for machinery used in cotton textile production. The Tribunal found that the company's data supported its claim for initial depreciation on machinery predominantly used for cotton textile manufacturing, emphasizing the significant percentage of cotton consumption and textile production by the company. The Tribunal concluded that the Commissioner's intervention under section 263 was unfounded, as the Income Tax Officer had already examined the production composition during the original assessment, aligning with the company's assertions. Case-Laws Income Tax Mon, 16 Mar 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55362