ITAT Ranchi Judgments — October 2023

The Tribunal held that the Assessing Officer (AO) had made requisite inquiries and applied his mind, distinguishing between 'lack of inquiry' and 'inadequate inquiry'. The PCIT's assumption of jurisdiction under Section 263 was found to be bad in law.

The Tribunal noted that the assessee did not want to press the appeal. Consequently, the Revenue had no objection to the appeal being dismissed as withdrawn.

The Tribunal held that the assessee is entitled to depreciation. It followed the Supreme Court's decision in Rajasthan & Gujarati Charitable Foundation Poona, finding no error in the CIT(Appeals)'s order.

The assessee requested to withdraw the appeal as the Assessing Officer made no additions. The Tribunal allowed the withdrawal of the appeal.

The Tribunal accepted the assessee's prayer to withdraw the appeal. The appeal was dismissed as withdrawn.