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2017 (12) TMI 987 - AT - Income TaxRevision u/s 263 - deduction on account of depreciation on assets of assessee trust need not to be allowed - Held that:- As on today the disallowance of depreciation as done by the revenue pursuant to proceedings u/s.263 of the Act, cannot be sustained in view of the quashing of the said orders by the Tribunal. The Hon’ble High Court of Karnataka [2016 (3) TMI 462 - KARNATAKA HIGH COURT] has also upheld the decision of the Tribunal. In such circumstances, we are of the view that there is no merit in these appeals by the Revenue and they are liable to be dismissed. The disallowance of depreciation cannot be sustained.
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