Every Loss of revenue as a consequence of an order of Assessing Officer cannot be treated as Prejudicial to Interest of Revenue: ITAT quashes Revision Order passed against Depreciation claimed on New Assets

Loss of revenue - Assessing Officer - Interest of Revenue - ITAT - Revision Order - Depreciation - New Assets - taxscan

The Income Tax Appellate Tribunal (ITAT), Surat bench, quashed the revision order passed under section 263 of the Income Tax Act, 1961, without following the natural justice principle in respect of the addition of Fixed assets. Thus, the bench quashed the revision order passed against depreciation claimed on new assets. The assessee, Surat People’s Co-operative…

Your free access to Taxscan has Expired

To read the article, get a premium account.

Taxscan Premium

Why should you subscribe?
  • Enjoy our website without interruptions from advertisements
  • Receive Daily newsletters
  • Receive realtime Telegram/Whatsapp news updates
  • Download original Judgements / Order / Notifications / Circulars, etc
  • Enjoy exclusive entry fees to Simplified series. (Webinars, Seminars, masterclasses, etc.)
  ₹1599 + GST for 1 year

Subscribe Now

taxscan-loader