ITAT sets aside PCIT’s Revision, Approves Additional Depreciation claim under Section 32(1)(iia) and Stamp Duty Deduction under Section 35DD

The ITAT upheld additional depreciation claims under Section 32(1)(iia) and stamp duty deductions under Section 35DD while setting aside a Principal Commissioner of Income Tax (PCIT) revision order. The tribunal ruled that the PCIT’s revision was unwarranted as the taxpayer fulfilled the statutory conditions for claiming these benefits. The decision underscores ITAT’s focus on protecting taxpayers’ rights when statutory compliance is evident. It also highlights the tribunal’s role in ensuring the proper application of tax laws and curbing unnecessary revisions by tax authorities.