ITAT Orders Rectification of Depreciation Mistaken as Net Profit in Tax Intimation

Gujarat State Aviation Infrastructure Company Limited Vs ITO (ITAT Ahmedabad) Ahmedabad: In a recent ruling, the Income Tax Appellate Tribunal (ITAT), Ahmedabad bench, has directed the Assessing Officer (AO) to re-examine a rectification request filed by Gujarat State Aviation Infrastructure Company Limited for the Assessment Year 2017-18. The assessee had contested that the intimation issued under Section 143(1) of the Income Tax Act, 1961 incorrectly treated depreciation amount as net profit, leading to an inflated taxable income calculation. The Tribunal’s decision effectively provide...