Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2024 (3) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2024 (3) TMI 1208 - GUJARAT HIGH COURTRevision u/s 263 - case of the assessee was selected for scrutiny and the AO was passed u/s 143(3) by accepting the returned income - As per CIT internal Audit Party observed that during the assessment proceedings, no proper verification of the purchase of the new assets and depreciation claimed on the assets has been made by the AO - Tribunal held that the AO framed the assessment on limited scrutiny and not the complete scrutiny. However, on perusal of the certified copy of the Assessment Order, it appears that the case of the assessee was selected for complete scrutiny - HELD THAT:- On perusal of the finding of facts arrived at by the Tribunal it is clear that the Tribunal after considering the issue of claiming the depreciation by the respondent-assessee as per the Act has come to the conclusion that the Assessment Order is neither erroneous nor prejudicial to the interest of Revenue. Tribunal has also observed that the CBDT Instruction No. 9 of 2007 dated 11.09.2007 relied upon by the PCIT would also not be applicable in the facts of the case as the same pertains to the issue of allowability of depreciation and brought forward losses/unabsorbed losses. However, in the case of the respondent-assessee there was no issue pertaining to the brought forward losses or unabsorbed depreciation. No substantial question of law.
|