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2022 (7) TMI 1109 - AT - Income TaxRevision u/s 263 - Addition u/s 40A (3) and additional depreciation claimed by the assessee which was not verified accordingly excess depreciation was required to be disallowed - HELD THAT:- The assessment proceeding is continued by verification of expenses as required by the ld AO. The ‘a’ provided details during proceeding. Only in point of additional depreciation the issue is covered during filing of return with financial statement & ld AO had taken care during computation to total income. Where specific issue related to assessee-company's claim of higher rate of depreciation was raised by AO in scrutiny assessment and assessment order was passed after detailed submissions made by assessee were duly accepted. Mere non-mentioning of specific reasons for accepting explanation of assessee by AO in assessment order could not be reason to invoke revisionary powers under section263. PCIT had invoked the section 263 which is beyond the jurisdiction. Appeal of the assessee is allowed.
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