2019 (8) TMI 550

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....ri T. Raghunathan, C.A. For the Respondent : Shri Guru Bashyam, JCIT ORDER PER DUVVURU RL REDDY, JUDICIAL MEMBER: This appeal filed by the assessee is directed against the order of the ld. Commissioner of Income Tax 1, Coimbatore dated 19.03.2018 relevant to the assessment year 2013-14 passed under section 263 of the Income Tax Act, 1961 ["Act" in short]. 2. Brief facts of the case ....

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....ion under section 263 of the Act and a notice of show-cause dated 09.03.2018 was served on the assessee to file objections, if any. After considering the objections of the assessee, ld. PCIT directed the Assessing Officer to re-do the assessment afresh after verification of the issues since the assessment order passed under section 143(3) of the Act is erroneous and prejudicial to the interest of ....

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....e claim of depreciation, the ld. PCIT has observed that the section repeatedly stresses the need of the asset to have been acquired by the assessee and also being put to use by the assessee. It was further observed that the word 'installation' would only mean and does not hold any other meaning other than the meaning that it was put to use by the assessee after the asset being acquired by it. It w....

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....t that the windmills were transferred in the name of the assessee on 25.05.2012. In this case, the Assessing Officer has not examined/determined the WDV of old windmills against which huge amount of depreciation was allowed against the claim of the assessee. What was the actual cost of the windmill was not brought on record and otherwise also, after claiming depreciation for 6-7 years old windmill....