Relief for Maxxis Rubber as ITAT rejects PCIT’s interpretation of depreciation

ITAT provided relief to Maxxis Rubber by rejecting PCIT’s interpretation regarding depreciation on machinery. The article explains the legal reasoning, precedent reliance, and its impact on taxable income computation. It highlights procedural aspects of appealing revenue department orders and strategic tax planning by corporate taxpayers. This case underscores the judiciary’s role in clarifying depreciation norms and protecting legitimate business interests.