Past Acceptance No Defence in 263 – Tribunal Says Tax Depreciation Must Follow Act

Tourism Corporation of Gujarat Limited Vs PCIT (ITAT Ahmedabad) Past Acceptance No Defence in 263 – Tribunal Says Tax Depreciation Must Follow Act, Not Accounting Policy- ITAT Ahmedabad Upholds PCIT’s Revision u/s 263 on Excess Depreciation Due to Unadjusted Govt. Grants Assessee, a state PSU, filed ROI declaring income of ₹36.03 crore. AO completed assessment u/s 143(3) r.w.s 144B accepting returned income. On record scrutiny, PCIT noticed that Government grants received for assets were parked in a deferred grant account, with only partial amortisation (₹3.87 crore out of total ₹113...