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…

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