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2 orders · Page 1 of 1
The Tribunal held that depreciation is allowable on a block of assets even if an individual asset is temporarily unutilized, and that exemption under Section 54B can be allowed by appellate authorities even if not claimed in the original return.
The Tribunal held that the AO wrongly computed the income by ignoring the revised return. The CIT(A) rightly directed the AO to compute income based on the revised return, and this finding does not require interference.