Window Technologies Private Limited vs PCIT (Central)-2, Kolkata

Parties Involved

Facts Summary

The assessee, Window Technologies Private Limited, had filed an appeal against the order of the Principal Commissioner of Income Tax (Central), Kolkata, which had set aside the assessment order passed under section 143(3) of the Income Tax Act, 1961. The assessee argued that the Principal Commissioner had wrongly assumed that the assessee had claimed depreciation on the let-out portion of the building, which was not the case. The assessee had claimed depreciation only on the portion of the building used for business purposes. The assessee had reported the let-out portion of the building under 'Non-Current Investments' and no depreciation was claimed on it. The Tribunal found that the Principal Commissioner's order was based on a mistaken assumption of fact and was therefore erroneous and prejudicial to the interests of the Revenue.…

Legal Issues

• 1. Whether the Principal Commissioner was justified in revising the assessment order under section 263 of the Income Tax Act, 1961?
• 2. Whether the assessee had claimed depreciation on the let-out portion of the building?

Judgment Outcome

Decided in favour of Partly Assessee / Partly Revenue.

Precedents Relied Upon

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