Rejection of Depreciation Claim on fixed Assets u/s 32 of IT Act Due to Improper Filing of Depreciation Report: ITAT directs Re-adjudication [Read Order]

By Shabna Rahim - On June 6, 2023 5:00 pm - 2 mins read
Rejection of depreciation Claim on fixed assets - IT Act - improper filing of depreciation report - ITAT directs re-adjudication -depreciation Claim on fixed assets - Rejection of depreciation Claim - taxscan

The New Delhi bench of Income Tax Appellate Tribunal (ITAT) directed re-adjudication to assessing officer for the rejection of claim of depreciation on fixed assets under Section 32 of Income Tax Act, 1961 due to improper filing of depreciation report. Zila Sahkari Bank Ltd., Bulandshahr, the appellant assessee  challenged the disallowance of depreciation  on fixed…

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