ITAT Quashes Section 263 Revision as AO Examined Depreciation Claim During Scrutiny

Hampi Expressways Pvt. Ltd. Vs PCIT (ITAT Mumbai) The Income Tax Appellate Tribunal (ITAT), Mumbai, allowed the assessee’s appeal and quashed the revision order passed under Section 263 of the Income-tax Act for Assessment Year (AY) 2022-23. The Tribunal held that the conditions necessary for invoking revisionary jurisdiction under Section 263 were not satisfied, as the Assessing Officer (AO) had already examined the issue of depreciation on the intangible asset during scrutiny and had adopted a legally permissible view. The assessee, engaged in the execution of a road infrastructure pro...