Assessing Officer's exclusion of sum pertaining to investments ...

Offshore investments rightly excluded from depreciation; Revenue's revisionary powers wrongly invoked.

November 30, 2024

Case Laws Income Tax SC

Assessing Officer's exclusion of sum pertaining to investments outside India from depreciation on investment provision was upheld. High Court correctly held that Commissioner of Income Tax erred in invoking revisionary jurisdiction u/s 263 against Assessing Officer's order, as it was not prejudicial to revenue's interest. Supreme Court dismissed Special Leave Petition, upholding High Court's order setting aside Commissioner's revisionary order.

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Assessing Officer's exclusion of sum pertaining to investments ...

Offshore investments rightly excluded from depreciation; Revenue's revisionary powers wrongly invoked.

November 30, 2024

Case Laws Income Tax SC

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