High Court Rules in Favor of Assessee: Tribunal's Decision on Depreciation Stands, No Substantial Legal Question Arises.

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....The High Court held that the order u/s 263 made no reference to the issue of depreciation, and the Tribunal had correctly answered the question by stating that the assessee's claim for depreciation was correct for more than one reason. The Tribunal found that the re-allocation of depreciation concerning the land and retail divisions was merely based on the Assessing Authority's opinion, which was not convincing. The Tribunal also opined that there was no practical purpose in making a distinction between the claim of depreciation for the retail business and land division business. The High Court observed that the Tribunal's findings and conclusions on identical facts and circumstances for the same assessment year had been accepted by the res.........