https://www.taxtmi.com/caselaws?id=59391 The ITAT allowed the appeal filed by the assessee, setting aside the assessment completed under sections 143(3) and 263 of the Income-tax Act for the assessment year 2001-02. The ITAT held that no short term capital gains liability existed as no actual depreciation was allowed, resulting in the deletion of the addition of Rs. 1,00,38,704. The ITAT emphasized that the written down value should be computed based on actual depreciation allowed, making the appeal maintainable. en-us Mon, 17 Mar 2008 00:00:00 +0530 Wed, 12 Jun 2013 14:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59391 The ITAT allowed the appeal filed by the assessee, setting aside the assessment completed under sections 143(3) and 263 of the Income-tax Act for the assessment year 2001-02. The ITAT held that no short term capital gains liability existed as no actual depreciation was allowed, resulting in the deletion of the addition of Rs. 1,00,38,704. The ITAT emphasized that the written down value should be computed based on actual depreciation allowed, making the appeal maintainable. Case-Laws Income Tax Mon, 17 Mar 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59391