AO Correctly allows Deduction u/s 80IA even Depreciation claimed less than limit: ITAT quashes PCIT’s Revision Order

The ITAT has ruled in favor of allowing deductions under Section 80IA, even when depreciation claimed is less than the limit, quashing a revision order by the PCIT. This decision clarifies the interpretation of deductions available to taxpayers under this section, providing greater flexibility for businesses. The ruling emphasizes the importance of adhering to legislative provisions while interpreting tax benefits. The ITAT's judgment serves to protect taxpayer rights and promote fairness in tax assessments. This case highlights the ongoing evolution of tax jurisprudence, encouraging clarity and consistency in the application of tax laws.