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<h1>Tribunal dismisses appeal challenging assessment reopening & revenue authorities' decisions on license fees, depreciation, interest, & penalty.</h1> The Tribunal dismissed the appeal filed by the assessee challenging the validity of reopening of assessment under section 147/148 of the Income-tax Act, ... - Issues involved: Challenge to validity of reopening of assessment u/s. 147/148, treatment of license fees under different heads of income, allowance of depreciation on house property, interest u/s. 234B and 234C, initiation of penalty proceedings.Validity of Reopening of Assessment u/s. 147/148:The appeal challenged the order upholding the validity of reopening of assessment u/s. 147/148 of the Income-tax Act, 1961. The counsel for the assessee did not press this ground, leading to its dismissal as not pressed.Treatment of License Fees:The appeal contested the treatment of license fees under the head 'Income from house property' instead of 'business income.' The counsel for the assessee acknowledged the decision of the Supreme Court in Shambhu Investments case, resulting in the dismissal of this ground against the assessee.Allowance of Depreciation on House Property:The appeal challenged the disallowance of depreciation on house property. The counsel for the assessee accepted that since the income from the property is categorized as income from house property and not a business asset, depreciation could not be allowed, leading to the dismissal of this ground.Interest u/s. 234B and 234C:The appeal raised concerns regarding interest u/s. 234B and 234C. The Tribunal dismissed this ground as the charging of interest under these sections is mandatory and consequential in nature.Initiation of Penalty Proceedings:The appeal questioned the initiation of penalty proceedings. The Tribunal deemed this ground premature and therefore dismissed it.General Grounds of Appeal:A general ground of appeal by the assessee was dismissed.In conclusion, the appeal filed by the assessee was dismissed by the Tribunal, with the order pronounced on 22nd January, 2010.
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