https://www.taxtmi.com/caselaws?id=67515 The Tribunal upheld the Assessing Officer's decision to reopen the assessment for A.Y. 1985-86 under section 147(b) of the Income Tax Act, 1961, based on audit objections regarding excessive depreciation and allowances. It determined that the AO's reliance on audit findings was valid, justifying the reassessment as income chargeable to tax had escaped assessment. The Tribunal emphasized the significance of audit objections in providing new information for reassessment, ultimately allowing the appeal in favor of the Revenue and setting aside the CIT(A)'s order. en-us Thu, 29 Dec 1994 00:00:00 +0530 Fri, 11 Mar 2011 10:38:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67515 The Tribunal upheld the Assessing Officer's decision to reopen the assessment for A.Y. 1985-86 under section 147(b) of the Income Tax Act, 1961, based on audit objections regarding excessive depreciation and allowances. It determined that the AO's reliance on audit findings was valid, justifying the reassessment as income chargeable to tax had escaped assessment. The Tribunal emphasized the significance of audit objections in providing new information for reassessment, ultimately allowing the appeal in favor of the Revenue and setting aside the CIT(A)'s order. Case-Laws Income Tax Thu, 29 Dec 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67515