TMI BlogRevision u/s 263 - claim of depreciation - no business activity - the assessee is not carrying on any...Revision u/s 263 - claim of depreciation - no business activity - the assessee is not carrying on any business activity. Indeed the manufacturing activity of the assessee was closed down but the assessee changed its object clause which can be verified from the memorandum of association. As such the assessee got inserted new objects in the main object clause of memorandum of association by passing special resolution - It seems that the assessee was carrying on the business activities and therefor..... ..... X X X X Extracts X X X X X X X X Extracts X X X X
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