Section 263 Revision Quashed as AO Had Examined Service Tax & Depreciation Issues

Selvel Advertising Pvt. Ltd. Vs CIT (ITAT Kolkata) The appeals related to Assessment Year 2008–09 and arose from revision proceedings initiated under Section 263 of the Income Tax Act, 1961. The Commissioner had held that the assessment order passed under Section 143(3) was erroneous and prejudicial to the interest of Revenue on two grounds: (i) non-disallowance of outstanding service tax under Section 43B amounting to Rs.1,37,15,804/-, and (ii) allowance of 100% depreciation on hoarding structures. Regarding service tax, the assessee contended that it acted merely as an agent for collection...