The Hon’ble Tribunal placing reliance on the judgment of the jurisdictional High Court in the case of M/s Brakes India Ltd. v. DCIT [TCA No. 551 of 2013] allowed the claim of the Assessee. While doing so, it was held that the claim is allowable retrospectively and thereby directed the order under section 263 to be quashed. (AY. 2015-16)
Craftsman Automation Ltd. v. ACIT (2023) 103 ITR 31 (SN)(Chennai)(Trib)
S. 263 : Commissioner-Revision of orders prejudicial to revenue-
Depreciation-Additional depreciation-Balance of additional depreciation w.r.t asset put to use in previous year can be claimed in the subsequent year-Revision order is quashed. [S. 32(1)(iia)]