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Brought forward additional depreciation of preceding year not to be set off against opening WDV
Case Law Details
- Case Name
- Maxxis Rubber India Pvt. Ltd Vs PCIT (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2018-19
- Courts
- All ITAT, ITAT Ahmedabad
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Maxxis Rubber India Pvt. Ltd Vs PCIT (ITAT Ahmedabad)
ITAT Ahmedabad held that law doesn’t require brought forward additional depreciation from preceding year to be set off against opening WDV of the assets. Thus, revision u/s. 263 of the Income Tax Act not sustained as order of AO not erroneous.
Facts- The present appeal has been filed by the assessee against the order passed by PCIT, Ahmedabad-1 dated 18.03.2025 passed u/s. 263 of the Income Tax Act, 1961. The order of PCIT reveals that the assessment order passed in the case of the assessee u/s. 143(3) of the Act was found to be erroneous...
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